TERESE RAY ANNE AQUINO
TODAY, August 8, marks the end of the transitory period of the effectivity of the Philippine Competition Act (PCA), or Republic Act 10667. This means companies caught by the Philippine Competition Commission (PCC) engaging in anti-competitive conduct will be penalized accordingly. The sanction is not a mere administrative fine, but also includes criminal liability that is punishable by imprisonment and hefty fines. The goal of the PCA is a competitive marketplace because free and open competition benefits the consumers ultimately as it ensures lower prices of goods/services and better and innovative products. Who wouldn’t want the best product at the lowest price possible?