MANILA, Philippines – The Philippine Competition Commission (PCC) has called on the private sector to be its partner in improving the country’s investment climate.
PCC chair Arsenio Balisacan is appealing to businessmen to treat the anti-trust body as their ally instead of a foe.
“I hope the business community will see the PCC not as an additional burden or red tape, but as their partner in making our country more attractive to investments,” Balisacan said.
The PCC is an independent quasi-judicial body tasked to regulate anti-competitive mergers and acquisitions, anti-competitive agreements, and abuses of market dominance.
A former secretary of socioeconomic planning and director general of the National Economic and Development Authority, Balisacan said ensuring fair market competition is key to accelerating investments in the Philippines.
“The PCC will continue to serve its mandate which we believe is a vital contribution not only for sustaining the Philippine economy’s robust growth, but also for making this growth more inclusive,” he said.
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In performing its mandate under the law, Balisacan assured businesses could expect nothing less than an independent, credible and objective delegation of its duties.
Since its official inception last February, the PCC said it has processed and decided over 60 mergers and acquisitions that covered a diverse range of industries, including healthcare, retail and telecommunications.
The anti-trust authority is currently undertaking a comprehensive review of the P70-billion joint acquisition of PLDT and Globe Telecom of San Miguel Corp.’s telecommunication assets.
Balisacan said the PCC is also receiving a number of planned mergers and acquisitions in the country.
“There are many applications on mergers and acquisitions. Some of them are in preliminary stages like inquiring on how to proceed or whether the transaction is notifiable or not,” he said.
