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PCC increases fines for violations
The Philippine Competition Commission ( PCC ) has raised the administrative penalties for violations of the competition law . In its Memorandum Circular No . 21-001 , the PCC increased the fines for anti-competitive agreements , abuses of dominance , anti-competitive mergers , and violations of compulsory merger notification by 10 percent .
According to PCC , the Philippine Competition Act provides for the inflation adjustment in administrative penalties every five years to maintain their real value from the time the law was enacted .
For cartels , abuses of dominance , and prohibited mergers , the maximum administrative fine for the first offense has been raised from P100 million to P110 million .
For belated merger notification , the maximum fine is now at P2.2 million , up from P2 million .
The PCC said the adjustment also includes fines for offenses committed in the course of PCC ’ s competition enforcement and merger review , such as the supply of incorrect or misleading information and failure to comply with an order of the commission .
The fine increase took effect in February , 2021 or 15 days after publication of the circular . It only applies to violations committed after the circular ’ s effectivity .
Source : Manila Times 01 / 26 / 2021
JAZA sees economy returning to pre-pandemic level in Q4 2022
The Philippine economy ’ s recovery will take time and may return to pre-pandemic levels only in the fourth quarter of 2022 , according to Ayala Corp . chairman Augusto Zobel de Ayala .
Zobel said , there is still so much uncertainty in the business environment .
He added that everyone should work hard to move the Philippines forward amid the negative impact of the pandemic .
“ It may not be until the fourth quarter of 2022 that we may see the Philippine economy recover to pre-pandemic level ,” he said .
He also said businesses need to work on a “ reimagined capitalist system ” and strive for more inclusive growth .
Large-scale inoculation , Zobel said , would open a lot of doors to recovery and eventual growth .
Zobel said that there are already positive developments in the economy such as growing foot traffic in groceries and restaurants and the recovery of the retail sector .
Source : Philippine Star 01 / 25 / 2021