Essay about Philippine Competition Act - Brief Summary
PROHIBITED ACTS * Anti-Competitive Agreements Agreements between or among competitors where they limit their price of goods to be sold. Another thing is where they fix the price at an auction including bid manipulation and other forms of bidding * Abuse of Dominant Position
Constricts the competition between existing …show more content…
Criminal Penalties. – An entity that enters into any anti-competitive agreement as covered by Chapter III, Section 14(a) and 14(b) under this Act shall, for each and every violation, be penalized by imprisonment from two (2) to seven (7) years, and a fine of not less than fifty million pesos (P50, 000,000.00) but not more than two hundred fifty million pesos (P250, 000,000.00). The penalty of imprisonment shall be imposed upon the responsible officers, and directors of the entity.
When the entities involved are juridical persons, the penalty of. Imprisonment shall be imposed on its officers, directors, or employees holding managerial positions, who are knowingly and willfully responsible for such violation. PROS: * Creates a level playing field for businesses * The Commission’s power to investigate, start civil or criminal proceedings, and impose sanctions or penalties for violators * Address the prohibited acts * monitors and