Two Laws to bouy the economy

Philippine President Benigno Aquino III signed today the 2015 Competition Act as well as an amendment to the  50-year-old Philippine Cabotage Law before 250 government officials, lawmakers and business leaders at Malacanang Palace.

The Competition Law prohibits anti-competition mergers and acquisitions, along with the fixing of prices during auctions or biddings. It also prohibits agreements that put a limit to production, market and investments.

The amended Philippine Cabotage Law would allow foreign vessels to transport and co-load foreign cargoes for domestic trans-shipment. It is expected to lower shipping cost in the country.

The penalties for violations of the Competition Law may reach P100 million to P250 million, and may include imprisonment. –End-


Image by: PhilStar