Competition in the market plays a vital role in encouraging innovation and efficiency as drivers of economic growth. Needless to say, a competitive market challenges businesses to lower prices of goods and services and offer adequate and affordable options to consumers.
In 2015, the Philippine Competition Act was passed as the primary competition policy of the Philippines for promoting and protecting the competitive market. This law has been enacted to prevent anti-competitive business practices, abuse of market power and anti-competitive mergers and acquisitions, among others. Now more than ever, the economic crisis brought about by the COVID-19 pandemic accentuated the importance of a strong policy that drives market competition while protecting consumer welfare.
The Joint Foreign Chambers of Philippines' online session on 11 June 2021 entitled "Enhancing Competition for Competitiveness and Economic Recovery" aims to serve as a platform for the Philippine Competition Commission (PhCC) to highlight its updates, plans, and priorities moving forward to the economy's recovery for 2021. This event will also showcase the PhCC's mandates, advocacies, and achievements amidst the hit of the unprecedented crisis.
In close partnership with government, businesses, civil society, and academia, ECCP passionately works to enhance the business environment for both European and Filipino companies.