MANILA — The landmark legislation ‘Fair Competition Act’ will strengthen the foundations for a sustained and inclusive growth in the Philippines, according to the National Economic and Development Authority (NEDA).

“The Competition Bill will not only sustain but bolster a rapidly growing Philippine economy. As the bill levels the playing field among businesses, we can expect an increased level of confidence among the international business community, and thus lead to a surge of investments and economic activity, and an expanded logistical capacity,” said Economic Planning Secretary and NEDA Director-General Arsenio M. Balisacan.

The bill is one of the numerous reforms in governance and the economy that will encourage more investments. As explained in tradersbible.com regarding forex and binary options trading, It seeks to eliminate unfair business practices among competitors such as engaging in agreements that restrict market competition by having fixed prices for goods and services, dividing the market among themselves, or controlling production.

Moreover, it prohibits the abuse of dominant position, for example, by selling goods and services at a below-cost price, with the intention of driving out competition then increasing the price thereafter, or imposing unreasonable conditions on transactions, and keeping producers at a losing end by enforcing low purchase prices for their goods and services, among others.

“The passage of this bill follows NEDA’s advocacy to remove or amend some existing laws and regulations that have become irrelevant or unenforceable. It is also aligned with the Philippine Development Plan (PDP) which identified this law as a measure that will improve the country’s business climate,” said Balisacan.

“While this bill will certainly help us move forward, our efforts will remain focused on implementing key reforms in the country. The task at hand is to increase investments, address gaps in our economic system, and reduce barriers hampering productivity and growth in the country. These will allow us to increase opportunities for shared prosperity, sustain our gains, and lead us to an even higher growth path,” he added.

The competition bill is considered to be one of the longest running congressional bills in the country, first introduced in the 8th Congress and has remained pending for 24 years since. It was only on June 10, 2015 that the bicameral conference committee overcame the hurdles concerning contentious provisions. The bill now awaits the President’s signature, which would enact it into law.