SEN. GUINGONA PROPOSED MEASURE TO CURB
MONOPOLIES & CARTELS
SBN 473 seeks to establish Philippine Fair Competition Commission

Senator Teofisto "TG" Guingona III has filed a bill that aims to strengthen the prohibition against monopolies and cartels by the creation of a Philippine Fair Competition Commission.

"While the Constitution mandates the State to regulate or prohibit monopolies, historical data reveals that through the years different firms have committed prejudicial acts of market manipulation especially in times of crises. Consumers are made to suffer as a result, and small and medium enterprises stand no chance against such unfair practices," Sen. Guingona said.

Senate Bill 473 defines and enumerates prohibited acts that restrict, prevent, limit, and/or distort competition. It also seeks to establish a Philippine Fair Competition Commission that will have exclusive jurisdiction to implement the national competition policy.

"The Philippine Fair Competition Commission shall be an independent agency that will be tasked to enforce competition policy. While it is clear that we have laws against unfair business practices, we have no one entity that will oversee the implementation of fair competition. The PFCC will implement the national policy and will be the go-to agency for those aggrieved and victims of unscrupulous business practices," he explained.

The institutionalization of the Philippine Fair Competition Commission is aimed to reinforce the national competition policy, and will provide stricter penalties for anti-competitive acts.

"We need a business environment which promotes innovation and sustained growth, especially of small and medium sized enterprises. We cannot be an economy made up of a few giant corporations who effectively destroy the business of smaller players and those who arbitrarily control market prices and supply," Sen. Guingona said.

The good governance advocate lamented the unfair trade scenarios where different firms have committed prejudicial act of market manipulation, especially in times of calamities and national shortages.

"A clear competition policy is also a message to foreign investors that the Philippine market is regulated by clear, fair, and reasonable rules. The Competition Policy Act seeks to institutionalize such rules so that investors, Filipino and foreign alike, will know what can and cannot be done, when one can do something and when one must not do something. This is a clear step forward towards ensuring that consumers will be in the position to obtain the best products and services, at the most reasonable prices," he added.

As a reforms advocate, Sen. Guingona is committed to pursue good governance to rebuild the people's trust in government and to enable it as catalyst of development.

A number of legislative reforms that Sen. Guingona introduced in the 16th Congress are aimed to transform the government to be transparent in all its actions, decisions and dealing, including cutting anti-fair trade practices and promote investment-friendly environment.