MANILA, Philippines - President Aquino was urged yesterday to certify as urgent the anti-trust bill authored by Speaker Feliciano Belmonte Jr.
In making the appeal, Valenzuela City Rep. Sherwin Gatchalian said the approval of the bill by Congress would promote business competitiveness in the country.
“Its enactment will make playing field even, eliminating the hold of cronies in crucial industries such as utilities and telecommunications. A fair business environment will sway foreign investors in setting up businesses here, which in turn will create more jobs,†he said.
He said cronies, cartels and monopolies still exist in the country years after martial law, as shown by a recent survey on crony capitalism around the world.
“It is high time for this proposed law to be certified urgent. I call on President Aquino to make the bill a priority to ensure its passage in both houses of Congress,†he added.
Gatchalian pointed out that under the 1987 Constitution, Congress is mandated to regulate or ban monopolies.
“The proposed law fleshes out what the Constitution already provides. It expressly lists what acts will be prohibited as well as the penalties for violator firms,†he stressed.
He said the bill would open the economy to more local and foreign players.
“If passed into law, the anti-trust measure will give other enterprises a fighting chance to participate in sectors dominated by oligopolies like in utilities and telecommunications. It will also attract foreign direct investments that can create much-needed jobs for Filipinos. However, before foreign investors can set up their ventures here, they will need a business-friendly environment,†he said.
Gatchalian is particularly batting for Bill 1133, or the proposed Philippine Fair Competition Act, filed by Belmonte, though there are other anti-trust measures introduced in the House.
Cagayan de Oro City Rep. Rufus Rodriguez has his own version of the proposed anti-trust law.
“It seeks to penalize anti-competitive agreements, arrangements, practices, and mergers for a healthier business environment,†he said.
He said an anti-trust law would complement the economic reforms that have been undertaken by the Aquino administration and would boost growth.
“Definitely, such law will improve the business climate and encourage more foreign investors,†he said.
His proposal is patterned after similar legislation in the United States.