SOURCE: Press and Public Affairs Bureau
05 October 2020 11:12:57 PM
The House of Representatives on Monday finished the plenary deliberations on the P513.9-million proposed budget of the Philippine Competition Commission for 2021, up from the current budget of P455.1-million. The PCC is the regulatory body mandated to implement Republic Act No. 10667 or the Philippine Competition Act which is the country’s primary law for promoting and protecting competitive markets. Committee on Appropriations Vice Chairman Rep, Joey Salceda (2nd District, Albay), sponsor of the PCC proposed budget, emphasized that allowing mergers and acquisitions nowadays is temporary so as not to further reduce the volume of economic activity during the COVID-19 pandemic. Salceda said if mergers and acquisitions are not allowed, this would disrupt business transactions and constrict the country’s economy more. Rep. Arlene Brosas (Party-list, Gabriela) queried if the motu proprio suspension to review mergers and acquisitions by the PCC in a span of one year is currently in effect. Salceda assured that said suspension is reviewed within a year if it affects consumer welfare. Rep. Stella Luz Quimbo (2nd District, Marikina City) manifested her support for the approval of the PCC’s budget.