Foreign business executives backed the creation of a competition legislation that will provide equal opportunity for investors.

"The Joint Foreign Chambers (JFC) are firmly of the opinion that a well drafted and sensibly implemented competition law would contribute considerably to President Aquino's promise of a level playing field for investors in the Philippines," the group said in a statement.

JFC lauded the Executive and Congress for its determination to craft an effective competition legislation and implement competition policy.

The House of Representatives has come up with House Bill 4835, otherwise known as the Philippine Fair Competition Act of 2011, while the Senate is moving towards a consolidated bill.

President Benigno Aquino 3rd recently signed Executive Order 45, creating a Competition Office under the Department of Justice to better enforce competition policy.

"The JFC see this decision of the Aquino administration as a move to hit the ground running," address competition issues immediately, and create the level playing field that consumers deserve," the group said.

The main objective of competition law and policy is to create or maintain the competition process with the ultimate goal of boosting the welfare of consumers, JFC said.

Foreign businessmen said competition law and policy should apply across the board to all entities that engage in economic activities, including those not pursuing a profit.

"It is important to ensure an economy-wide application of competition policy in order to avoid discriminatory approaches in different industries," JFC said.

JFC groups the American Chamber ofCommerce of the Philippines, Australian New-Zealand Chamber of Commerce of the Philippines, Canadian Chamber ofCommerce of the Philippines, European Chamber of Commerce of the Philippines, Japanese Chamber of Commerce and Industry of the Philippines, Korean Chamber of Commerce of the Philippines and Philippine Association of Multinational Companies Regional Headquarters Inc.

Source: Manila Times; Business; 20 October 2011