Senator bats for strong competition policy-A A +A
Friday, March 14, 2014
SENATOR Paolo Benigno "Bam" Aquino said on Friday that a strong competition policy will stop cartel and monopolies.
A strong competition policy will benefit Filipinos in terms of lowering prices and improving quality of goods.
Aquino, chair of the Senate committee on trade, commerce and entrepreneurship, believes that monopoly, cartels and unfair business practices will be eradicated once a strong competition policy is enacted into law.
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.
"We need to make sure it is passed to make sure that we provide a level playing field for all businesses," Aquino said.
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 said.
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 said. (Camille P. Balagtas/Sunnex)