February 23, 2012
SENATOR GUINGONA EYES FAIR RULES IN TRADE AND COMPETITION
To promote fair trade competition, Senator Teofisto "TG" Guingona III is seeking to institutionalize a Philippine Fair Competition Commission that will reinforce the national competition policy, and will provide stricter penalties for anti-competitive acts.
Sen. Guingona has filed Senate Bill No. 3109, or the Competition Policy Act of 2011, which aims to promote fair competition and prohibit, among others, monopolistic and cut-throat competitive behavior of corporations.
"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.
Sen. Guingona, chair of the Senate Blue Ribbon Committee, 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.
The proposed institutionalization of Philippine Fair Competition Commission will have a task force that will be composed of members from the Office of the President, Civil Service Commission, Tariff Commission, Department of Trade and Industry, Department of Justice, and the Department of Budget and Management.
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 introduces such as the SB No. 310 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.
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