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Philippine Competition Act - Brief Summary

In: Business and Management

Submitted By whitelover20
Words 764
Pages 4
REPUBLIC ACT NO. 10667 * Philippine Competition Act * Established to look into anti-competitive agreements and abuses of dominant position as well as review mergers and acquisitions. * A national competition policy that seeks to promote free and fair competition in trade, industry and all commercial economic activities. * The Philippine Competition Commission. * United States’ Antitrust Laws

PROHIBITED ACTS * Anti-Competitive Agreements Agreements between or among competitors where they limit their price of goods to be sold. Another thing is where they fix the price at an auction including bid manipulation and other forms of bidding * Abuse of Dominant Position
Constricts the competition between existing entities with their use of power or dominance over the first-hand players in the industry such that they lessen or lower their prices in order to gain more (predatory acts) * Anti-Competitive Mergers and Acquisitions
These are movements or acts referring to the tactics usually practiced by big players in the market to extensively prevent, restrict or lessen and manipulate competition.

PENALTIES * Chapter IV of the Republic Act under the 1987 Philippine Constitution
Administrative fines for the violation of Sections 14 and 15 under Chapter III and also Sections 17 and 20 under Chapter IV of the Act. * Section 29(b)
Failure to Comply With an Order of the Commission: An entity which fails or refuses to comply with a ruling, order or decision issued by the Commission shall pay a penalty of not less than fifty thousand pesos (P50,000.00) up to two million pesos (P2,000,000.00) for each violation and a similar amount of penalty for each day thereafter until the said entity fully complies.
Provided that these fines shall only accrue daily beginning forty-five (45) days from the time that the said decision, order or…...

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