MANILA, Philippines - The Senate has approved the proposed Fair Competition Act that aims to ensure that no business entity would have an unfair advantage over its competitors so that consumers would enjoy the benefits of a free market.
Senate Bill 2282, sponsored by Sen. Paolo Benigno Aquino IV, was approved on third and final reading yesterday with a vote of 13-0 with no abstentions.
Under the measure, a Fair Competition Commission will be created to oversee all matters related to fair trade in the country.
The commission will be placed under the supervision of the Office of the President and will be composed of a chairman and four members.
Executive Order No. 45, which designates the Department of Justice as the Competition Authority, will be repealed upon the implementation of the proposed law. But the existing Office for Competition under the Office of the Secretary of Justice will be retained.
The Fair Competition Commission will hear, investigate and decide on all anti-competition complaints filed, the decisions of which could only be appealed before the Court of Appeals and the Supreme Court.
Under the bill, business entities will be prohibited from entering into anti-competitive agreements such as fixing, controlling or maintaining prices; setting, limiting or controlling production to the prejudice of consumers; dividing or sharing a particular market; and fixing prices at an auction.