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Philippine President Benigno Aquino III signed into two important laws last week, the Philippine Competition Act and the amendments to the Cabotage Law, in a bid to promote trade and fair competition.
The Philippine Competition Act , which was among the priority measures in the Congress, seeks to promote free and fair competition in trade, the area where the nation has been behind most of Asian nations, especially its ASEAN partners which will create the ASEAN Economic Community at the end of the year.
The new law forbids anti-competitive business behaviors, abuses in dominant positions and anti-competitive mergers and acquisitions and seeks to promote free and fair economic activities.
The president also signed the Foreign Ships Co-Loading Act, the amendments to the decades-old Cabotage Law, which will allow foreign vessels to carry imported cargoes to its domestic port of final destination. The legislation is expected to reduce logistics costs for importers and exporters and enhance their international competitiveness.
