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Philippines: Senate moves to pass new competition law

By  |  October 23, 2014

The Philippines’ Senate is looking to approve the third reading of a new national competition law by the end of next month, according to reports.

Senator Benigno Aquino IV said Thursday that lawmakers are pushing for a third reading vote on the bill and added that he is “fearless and hopefully” that by mid-2015 the nation will “finally have a competition policy that’s needed for the past 40 years.”

The bill, known as the Fair Competition Act of 2014, would overhaul the Philippine’s ability to promote fair competition and protect consumers, say reports. The measure also seeks to boost international trade and economic development, as well as crack down on monopolistic and abuse of dominance behaviors.

Reports say the Senate is moving through amendments of the bill, but the House is still pending at the committee level.

Full content: GMA Network

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