The Philippine Congress passes the Competition Act that aims to safeguard fair and competitive market conditions

The Philippine Congress has passed, and President Benigno Aquino III is expected to sign into law, the Philippine Competition Act. The law, which aims to safeguard fair and competitive market conditions, marks the nation’s first foray into antitrust legislation. Under the new law, practices that allow entities to restrict market competition through anti-competitive agreements and abuse of a dominant position will be prohibited and parties will be required to obtain clearance for certain mergers and acquisitions. It additionally prescribes administrative and criminal penalties for violations of these prohibitions. The act also creates the Philippine Competition Commission, which will implement and enforce the national competition policy. Prohibitions The new law will prohibit