Stricter measures vs. firms as Competition Act’s transitory period ends

With the end of the transitory period of the Philippine Competition Act (PCA), anti-trust watchdog Philippine Competition Commission (PCC) on Tuesday warned that it will now be able to impose stricter measures against anti-competitive businesses.

"Starting tomorrow, all businesses should be on their toes," PCC Chairman Arsenio M. Balisacan said in a briefing in Pasig City.

"If after due process you are caught violating the Philippine Competition Act, you will be fined and penalized," he added.

This comes after the end of the two-year transitory period of the PCA which started on August 8, 2015. With this, the PCC may now impose fines and penalties against business practices it deems anti-competitive.

According to Balisacan, the agency may impose fines of as much as P100 million for the first offense, and P250 million for the second offense. Company officials may also face imprisonment of up to seven years.

The PCC said it has already reviewed a total of 114 notifications of mergers and acquisitions in the country, with a total value of P1.95 trillion, since it was established in 2015. — BM, GMA News