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Philippine president signs competition law, amendments to cabotage act

Philippine President Benigno S. Aquino III approved Tuesday two laws that will further increase trade and encourage more investments in the country.

 

Aquino, in a ceremony in Malacanang, the presidential palace, signed the Philippine Competition Law and amendments to the Cabotage Law.

 

The Philippine Competition Act aims to prevent economic concentration which will control production, distribution, trade or industry that will unduly stifle competition, distort, manipulate or constrict the discipline of free markets.

 

Those who violate the law will be penalized by imprisonment from two to seven years and a fine of no less than 50 million pesos (1.10 million U.S. dollars) but no more than 250 million pesos (5.52 million U.S. dollars). The penalty of imprisonment shall be imposed upon the responsible officers, and directors of the entity.

 

The amendments to Cabotage Law allows foreign vessels to transport and co-load cargoes for domestic trans-shipment. The law aims to lower the cost of shipping export cargoes from Philippine ports to international ports and import cargoes from international ports for the benefit of consumers.

Source:Xinhua  

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