PCC sees business competition improving with antitrust law in place

Perceptions about business competition in the Philippines has improved and is set to be even better as the competition law is now being enforced, the Philippine Competition Commission (PCC) said Thursday.

The Philippines scored 5.3 in terms of business competition, according to the Global Competitiveness Report (GCR), released by the World Economic Forum (WEF) last month.

"This is the highest score we have ever achieved in the last decade and we are optimistic that the coming years will see better numbers as the enforcement of the competition law gains traction," PCC chairman Arsenio Balisacan said.

Intensity of local competition is one of the indicators of under the goods market efficiency pillar of the Global Competitive Index (GCI) in which the Philippines ranked 56th this year, a notch up from 57 last year.

"Now that PCC is here, the challenge is to secure significant reforms that will address the weaknesses in the current competition landscape, thereby promoting inclusive growth and consumer welfare," Balisacan said.

The two-year transitory period of the PCC lapsed on August 8, giving the commission the full authority to implement its mandate of imposing stricter measures against anti-competitive businesses. It was established in 2015.

Balisacan has said the PCC may impose as much as P100 million in fines on the first offense and P250 million for the second offense, with erring company officials facing the prospect of serving a seven-year prison term.

As of end-August 2017, the PCC has reviewed 114 notifications of mergers and acquisitions with a combined value of P1.95 trillion. — VDS, GMA News