MANILA, Philippines – The Asia Pacific Economic Cooperation (APEC) has lauded the Philippines’ Competition Act as this created a level playing field and offered more opportunities for micro-, small and medium enterprises (MSMEs).
According to National Economic and Development Authority (NEDA) deputy director general Emmanuel F. Esguerra, APEC economic committee (APEC-EC) chairman Rory McLeod brought to fore the Philippines efforts at promoting innovation in various key industries.
Esguerra is the head of the Philippine delegation to the APEC Third Senior Officials Meeting (SOM3) presently being held in Cebu City.
“APEC highlights the importance of competition laws and policies as they encourage innovation and free and fair competition among key industries, including manufacturing and logistics,” Esguerra said.
The Competition Law ensures a level playing field in trade, industry and all commercial economic activities. It pushes firms to be innovative in improving goods and services, which, in turn, makes them more productive and efficient. As a result, consumers are provided with more choices of quality goods and services at lower prices.
The Philippines joins the more than 130 economies around the world that have implemented competition laws in one form or another, according to a study presented by the APEC Policy Support Unit during the EC meeting.
The Structural Reform Ministerial Meeting, set on Sept. 7 and 8, will discuss, among others, reforms that seek to remove barriers to growth and open more and better local and global opportunities for industries, particularly MSMEs. These reforms are deemed critical for ensuring inclusivity of growth, the goal of APEC.
Aside from competition policies, ministers will also discuss ease of doing business programs and public governance matters.