House OKs bill promoting fair competition in business

The House of Representatives has ratified Fair Competition Act, otherwise known as Cojuangco Law before Congress adjourned last week.

The measure is now considered an enrolled bill waiting for President Aquino’s signature to become a law.

Akbayan Party-list Rep. Barry Gutierrez said the days of the “business as usual” practices of large market players are over after the ratification of the enrolled bill, which is considered a landmark law that will protect consumer rights and welfare from the inefficiencies and possible abuses of the market.

Gutierrez said the proposed law creates a regulatory framework which makes certain businesses play by the rules, such that no entity can manipulate the market by putting an end to the anti-competitive behaviors and market abuses by large players that are harming the Philippine economy and the ordinary consumers.

Gutierrez. also said the recent findings of the Energy Regulatory Commission (ERC) uncovering a collusion among 13 power generators clearly exposes these market vulnerabilities that have endangered millions of ordinary consumers to abusive business practices and market inefficiencies.

The apparent collusion among the power players has led to massive power rate hikes in 2013.

“By leveling up the market playing field in tandem with creating more effective regulatory framework, we make certain that anti-monopoly policies are in place and the market players will operate in a more competitive, responsible and consumer-oriented market system,” Gutierrez said.

According to the World Economic Forum, the Philippines ranked No. 72 out of 144 countries on effectiveness of anti-monopoly policy.

Among the salient provisions of the bill is the formation of the Philippine Competition Commission (PCC) to implement the national competition policy, functioning as an independent quasi-judicial body attached to the Office of the President.