PCC cites importance of competition policy

MANILA, Philippines — The Philippine Competition Commission (PCC) emphasized the importance of competition policy and continuity of reforms in the country’s efforts to fully recover from the impact of the global health pandemic.

PCC chairperson Arsenio Balisacan said during the Economic Journalists Association of the Philippines’ induction of new officers on Friday night that 2022 is considered critical as it marks what is hoped to be the final stretch of the pandemic and as the country is set to elect its new set of leaders in May.

“As we continue rebuilding and hope to return to our pre-pandemic growth trajectory, competition must play a significant role in correcting the decades-long distortions and constraints that have prevented economic growth from accelerating and becoming more inclusive,” Balisacan said.

Balisacan said robust competition is not only seen to enable the economy to recover and become more productive in the short term, but also allow it to thrive and innovate in the longer term.

For the PCC, Balisacan said the issuance of Administrative Order 44 by the Office of the President in October last year, directing the adoption and implementation of the National Competition Policy by all government agencies, is a win.

“This sets the stage for us to pursue a competition-driven policy direction within the executive,” Balisacan said.

Given the urgency to catch up with the country’s neighbors, the PCC continues to step up its enforcement of the competition policy to mitigate the impact of anti-competitive practices on priority sectors.

The former Socioeconomic planning secretary pointed out that strengthening enforcement capabilities and merger control is a priority for this year to address market distortions that were seen during the pandemic.

“We’re also strongly pushing for improving the regulatory environment by reviewing government policies that may be unwittingly creating barriers to entry or inducing anti-competitive market structures,” Balisacan said.

Regardless of who wins in the elections, Balisacan said what is clearly needed by the country is policy continuity for stability and certainty.

Balisacan said measures approved during the current administration, such as tax reform packages Tax Reform for Acceleration and Inclusion Law and Corporate Recovery and Tax Incentives for Enterprises Act, the Ease of Doing Business Law, Rice Tariffication Law, as well as amendments to the Foreign Investments Act and the Retail Trade Liberalization Act, show the serious intent to achieve the vision of a strongly rooted, comfortable, and secure life for Filipinos under Ambisyon Natin 2040.