NextGen Day

Karl Kendrick Chua, the Secretary of Socioeconomic Planning, said on Thursday that a robust competition strategy will assist the Philippines to improve its foundation in order to attain upper-middle-income country level and sustain progress toward high-income country status in one generation.

“We can promote more innovation, create more and better jobs, and accelerate our growth by fostering a business-friendly environment and a level playing field that welcomes all players,” Chua said during the Philippine Competition Commission’s Manila Forum on Competition in Developing Countries in 2022.

Chua stated in his speech that the Philippine government has implemented game-changing changes to boost the country’s global competitiveness ranking prior to the outbreak.

The Ease of Doing Business and Efficient Government Service Delivery Act, the Philippine Innovation Act, and the Rice Tariffication Law, as well as the implementation of the “Build, Build, Build” infrastructure program, are among them, he said.

“As a result, in the most recent Global Competitiveness Index ranking on business dynamism, our ranking increased to 44th out of 141 nations in 2019.” In terms of product-market efficiency, we were ranked 52nd (or top 37%),” he added.

During the pandemic, Chua said, the Philippine government continued to pursue competitive reforms as part of the country’s economic recovery effort.

The CREATE Act, which cut the ordinary corporate income tax and made the grant of fiscal incentives system more performance-based, targeted, time-bound, and transparent, is one of them.

The administration is also pushing three economic liberalization laws, according to Chua. These include the adopted Retail Trade Liberalization Act Amendments, the Foreign Investments Act Amendments that have been delivered to the President for signature, and the Public Service Act Amendments that have been confirmed by both Houses of Congress.

“These historic reforms will loosen foreign ownership restrictions, encourage more innovation, generate more and better employment, cut costs, improve service quality, and utilize the benefits of CREATE to attract more investment into the country,” he added.

The President also signed Administrative Order (AO) No. 44, directing the approval and implementation of the National Competition Policy, on October 20, 2021.

AO 44 establishes a legal framework for the government to adopt pro-competition actions in order to maintain market efficiency and promote consumer welfare.

It also tightens the Philippine Competition Act’s enforcement, which helps safeguard the public from cartels and anti-competitive agreements.

The successful implementation of the national competition strategy, according to the NEDA chief, depends on good collaboration among government offices and sector regulators, not only those with competition-related duties.

“We urge everyone to work together to improve competition and boost productivity in our country.” These reforms will position the economy for a strong and long-term recovery by encouraging innovation and assisting in the creation of more and better jobs,” Chua added.

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