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The Philippine Competition Act provides for the regulation of the country's markets to curtail anti-competitive behavior and punish cartels and other unfair monopolies. [19] Under Sec. 3 of RA 10667, the Commission shall impose this Act against any person or entity engaged in any trade, industry and commerce in the Republic of the Philippines ...
In neo-classical economics, price fixing is inefficient. The anti-competitive agreement by producers to fix prices above the market price transfers some of the consumer surplus to those producers and also results in a deadweight loss. International price fixing by private entities can be prosecuted under the antitrust laws of many countries.
The Philippine Competition Commission is an independent, quasi-judicial body created to enforce the act. It is attached to the Office of the President of the Philippines. [6] Five commissioners were appointed to the Philippine Competition Commission and sworn in on January 27, 2015: [7] Michael G. Aguinaldo (Chairperson) Marah Victoria S. Querol
Anti-competitive behavior can be grouped into two classifications. Horizontal restraints regard anti-competitive behavior that involves competitors at the same level of the supply chain. These practices include mergers, cartels, collusions, price-fixing, price discrimination and predatory pricing.
Exclusive control of Coca-Cola, by contrast, is not a coercive monopoly because consumers have other cola brands to choose from and the Coca-Cola company is subject to competitive forces. Consequently, there is an upper limit to which the company can raise its prices before profits begin to erode because of the presence of viable substitute goods.
Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. [ 1 ] [ 2 ] Competition law is implemented through public and private enforcement. [ 3 ]
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It identifies and corrects practices causing market impediments and distortions through competition law (also known as antitrust law). [1] In general it is a government agency , typically a statutory authority , sometimes called an economic regulator , that regulates and enforces competition laws and may sometimes also enforce consumer ...