The Philippines’ President Benigno S. Aquino III signed the Competition Act and amendments related to cabotage policy (inter-country air or maritime transport of goods) into law on July 21 with the aim to boost trade and attract foreign investment.
Accordingly, the Philippines Competition law will seek to prevent large companies from monopolising business and setting up cartels, manipulating and distorting market prices.
Those found guilty of unfair practices could face two to seven years in jail and fines of 50 million pesos (1.1 million USD) to 250 million pesos (5.5 million USD), as stipulated in the law.
Meanwhile, the amended cabotage law will allow foreign-flagged vessels to transport and transfer cargoes to domestic ships, helping lower transport costs in and out of Philippine ports.-VNA
Accordingly, the Philippines Competition law will seek to prevent large companies from monopolising business and setting up cartels, manipulating and distorting market prices.
Those found guilty of unfair practices could face two to seven years in jail and fines of 50 million pesos (1.1 million USD) to 250 million pesos (5.5 million USD), as stipulated in the law.
Meanwhile, the amended cabotage law will allow foreign-flagged vessels to transport and transfer cargoes to domestic ships, helping lower transport costs in and out of Philippine ports.-VNA
