The Philippine Competition Act (PCA) or R.A. 10667 is the primary competition policy of the Philippines for promoting and protecting competitive market. It will protect the well-being of consumers and preserve the efficiency of competition in the marketplace. The PCA was passed in 2015 after languishing in Congress for 24 years. It is a game changing legislation that is expected to improve consumer protection and help accelerate investment and job creation in the country, consistent with the national government’s goal of creating more inclusive economic growth. Enforcement of this law will help ensure that markets are open and free, challenging anticompetitive business practices while maintaining an environment where businesses can compete based on the quality of their work. A competitive market means a market with multiple buyers and multiple sellers, driving market prices lower and offering consumers more choices. A truly competitive market encourages efficiency and innovation, and forces businesses to excel. The act reflects the belief that competition:
- Promotes entrepreneurial spirit,
- Encourages private investments,
- Facilitates technology development and transfer, and
- Enhances resource productivity.