MANILA, Philippines — The Philippine Competition Commission (PCC) has vowed to address the concerns in the business community arising from its implementation of the competition law.
“Of course business is a major actor in the competition world. There’s a good space for us to learn from each other, hear their concerns and engage with them,” PCC chair Arsenio Balisacan said during the Forum on Competition in Developing Countries.
“We want to engage them to hear their concerns. Let us understand each other,” Balisacan added.
PCC officials admitted that there is still a very limited understanding in the local business community of the Philippine Competition Act (PCA).
The PCC, as the implementing body and enforcer of the PCA, acknowledged the need for more appreciation in competition and antitrust concerns given the law’s jurisdiction across all sectors.
“On awareness, the law is new so it actually is a paradigm shift for many businesses. Awareness is very low at this point so we are duty bound to improve help improve this awareness,” PCC commissioner Stella Quimbo said.
Speaking at the forum, Ayala Corp. chairman and CEO Jaime Augusto Zobel de Ayala said there is a need to harmonize the existing regulatory policy with that of the country’s competition commission.
“It’s a tough job that competition commissions have because they have a very important job in consumer welfare, making sure consumers are at the forefront of these various competition environments. But at the same time, new procedures tend to delay in getting necessary things done,” Zobel said.
“The condition for regulatory burden must be taken into account. I’m a firm believer of what the PCC is doing. Competition commission should exist globally and it is a very important factor in the development of any country but speed and the regulatory burden in developing markets can be a stifler of broadened capital. It is important to cycle a country – that investment-led growth be promoted, encouraged, and made easy,” he added.