Press Release
March 14, 2014

Sen. Bam: Competition Policy to Erase Monopoly, Cartels

Senator Bam Aquino believes that monopoly, cartels and unfair business practices will be eradicated once a strong competition policy is enacted into law.

Aquino stressed this point during the hearing of Senate Committee on Trade, Commerce and Entrepreneurship, which he chairs, on several competition policy measures.

"A strong competition policy will stop cartel and monopolies that lead to high prices and less quality goods to our countrymen," Aquino said.

During the hearing, Aquino revealed that the Philippines is one of few countries that doesn't have a valid competition policy.

In the past 15 years, Congress tackled several competition bills but lawmakers failed to find common ground on key provisions, hampering their passage into law.

This time, Aquino is determined to pass a strong competition bill under his watch as committee chairman to help the government's push for inclusive growth.

"We need to make sure it is passed to make sure that we provide a level playing field for all businesses," Aquino said.

"If we're talking about inclusive growth, we need a competition policy to make sure that entrepreneurs and small businesses have the capability to compete against big businesses," he added.

With a level playing field for all businesses, Aquino said the fight against poverty would be easier.

"I'm hoping this competition policy, if passed, can support our micro, small and medium enterprises, let them grow into larger enterprises and be able to provide more jobs to our countrymen," Aquino emphasized.

Aside from creating a level playing field, the competition policy also prevents abuse of dominant position by big companies over small competitors.

However, Aquino allayed fears that big businesses with high market share will be affected by the competition policy.

"This is not against companies that have high market shares. It's against companies with high market shares who are using that position to abuse their powers or abuse smaller players in the market," he explained.

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