TAGUM City, Davao del Norte––A Mindanao lawmaker hailed President Aquino for signing into law two landmark measures that aim to boost the country’s economic growth through fair competition and liberalized shipping industry.
In a fitting ceremony in Malacañang attended by leaders of both chambers of Congress, Aquino signed on Tuesday the Philippine Competition Act and the Foreign Ships Co-Loading Act that amended the 50-year-old Cabotage Law. Davao del Norte 1st District Rep. Anthony del Rosario sees the new laws are “a game changer” in the Philippine economy.
The legislator, who is among the principal authors of the anti-trust law, said the measure will greatly boost the country’s preparedness for the Asean economic integration in December.
He said he was happy that the oldest economic bill was finally passed into law to level the playing field and protect consumers, besides allowing the country to partake of the untold benefits of globalization.
“The comprehensive competition law will allow us to take advantage of the opportunities brought about by the Asean market integration,” he beamed.
Under the law, a Philippine Competition Commission will be established to prosecute those engaged in unfair and deceptive trade practices.
Entities guilty of engaging in unfair business practices will also be penalized with fines reaching up to P250 million, with amounts adjusted for inflation every five years. Violators may also face up to seven years in prison.
As co-author of the amendments to the Cabotage Law, del Rosario further revealed the act aims to promote competition in the shipping industry by allowing foreign vessels to transport passengers and cargoes between ports within the domestic waters.
It repealed provisions of the Tariff and Customs Code of the Philippines that limited the right to engage in trade within the Philippine coasts only to vessels carrying a certificate of Philippine registry.
“The law will relax our cabotage restrictions to lower the shipping cost and make our shipping industry competitive,” he said, stressing its favorable impact on the nation’s economy in view of the regional integration.
The Philippine Exporters Confederation Inc. (Philexport) also welcomed the two new economic reforms. “Those are two of the most awaited laws which will definitely push forward economic development,” said Philexport President Sergio Ortiz Luis Jr..
“The amended Cabotage Law will bring down shipping costs especially for exporters in Mindanao,” the Philexport chief said. (pna)
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