THE Philippine Competition Act will be implemented in "full force" next week to ensure fairness in the competitive market, the head of the Philippine Competition Commission (PCC) said Thursday.
Speaking to Palace reporters, PCC chairperson Arsenio Balisacan said any corporation that would not comply with the provisions of the Philippine Competition Law or Republic Act 10667 might be meted out with substantial fines and penalties.
"By next week, these fines and penalties with imprisonment will be in full force and effect," he said.
Under RA 10667, affected parties were given two-year transitory period, which will end on August 8, to renegotiate agreements or restructure their businesses that will be in accordance with the law.
Balisacan said a business firm that would not undo or change anti-competitive business practice or agreement upon the expiration of two-year transitory period would be subject to administrative, civil, and criminal penalties.
"What does the Philippine Competition Act provide? In all the prohibited acts, we just need to remember one concept: fairness," Balisacan said.
"What happens if anti-competitive acts persist after August 8? You can and will probably be sued for violating the act," he added.
Illegal acts prohibited under RA 10667 were anti-competitive agreements, abuse of dominance, and anti-competitive mergers and acquisitions.
Balisacan said the PCC received a total of 26 queries and complaints about possible anticompetitive conduct in various industries to date, three of which had already advanced to a preliminary inquiry and subsequently progressed to full administrative investigation.
He said the commission might impose administrative fines of up to P100 million on the first offense and P200 million on the second offense.
He added that the penalty of imprisonment of up to seven years may be imposed by the courts upon directors and officials of any corporation involved in an anti-competitive agreement. (VoxPop Philippines)
