MANILA -- The Philippine Competition Commission (PCC) has ensured to continue promoting competition in the local market as the country improved its ranking in the latest Global Competitiveness Report of the World Bank.
In a statement Thursday, PCC Chairman Arsenio Balisacan said the country’s improvement in the global competitiveness index translates to an upbeat outlook of investors who are interested to enter and compete in the Philippine market.
“This sets the stage for the business community to feel the impact of the competition law,” Balisacan added.
He stressed the need for the PCC to push for reforms to further enhance competition in the local market.
“We recognize that competition is a key driver of competitiveness. When real competition is in effect, the economy bears witness to the benefits of their efficiency and, by extension, their competitiveness. And with real competition comes more affordable goods and services and better choices for consumers,” he noted.
“Now that PCC is here, the challenge is to secure significant reforms that will address the weaknesses in the current competition landscape, thereby promoting inclusive growth and consumer welfare,” said the PCC chief.
Last week, the World Economic Forum released the Global Competitiveness Report 2017-2018, wherein the Philippines has leaped one notch from rank 56 to rank 57 in the previous year.
The Philippines also recorded its highest score in the past decade in terms of intensity of local competition with a score of 5.3, an increase from a score of 5.2 in 2016 and 5.0 in 2007.
“This is the highest score we have ever achieved in the last decade and we are optimistic that the coming years will see better numbers as the enforcement of the competition law gains traction,” Balisacan said. (PNA)