Senate eyes November approval of competition policy on 3rd reading

The Senate is eyeing before the end of November to approve on third reading a bill promoting fair competition, Senator Benigno "Bam" Aquino IV on Thursday said.
 

"We're hoping before the end of November, we can call for second or third reading vote in the Senate," Aquino told the Philippine Business Conference and Expo in Manila.

 

He added that his "fearless and hopeful" forecast is that "hopefully in the middle of 2015, our country will finally have a competition policy that's needed for the past 40 years."

 

Senate Bill No. 2282 or the Fair Competition Act of 2014 aims to promote fair competition to protect consumer welfare, advance domestic and international trade and sustained economic development.

 

The measure also seeks to regulate monopolies, anti-competitive agreements, abuse of dominant position and anti-competitive mergers.

 

The Senate version is currently in the period of amendments, while the House version is still pending at the committee level.

 

Aquino, who heads the Senate trade, commerce and entrepreneurship committee, said the bill will create parameters that will allow all businesses to interact in an open and free market and level the playing field where everyone can "compete and thrive."

 

He added that the version pending in the Senate is pro-business and pro-consumer since it came from the Philippine Chamber of Commerce and Industry (PCCI).

 

In a primer, PCCI president Alfredo Yao said: "promoting inter firm rivalry enhances dynamic economic performance, advancing economic growth and development."

 

According to the senator, the committee is coordinating with its counterpart in the House of Representatives to make sure that each version is "not too far apart to avoid difficult time" during the bicameral conference committee where the Senate and House versions will be reconciled. – VS, GMA News