THE Philippine Competition Commission, mandated under the Philippine Competition Act to review mergers and acquisitions, is seeking more partnerships with other government agencies next year.
Chairman Arsenio Balisacan, in a briefing at the sidelines of the signing of an agreement with Bangko Sentral ng Pilipinas Friday, said the partnerships would foster competition among businesses.
“We have partnered with the Securities and Exchange Commission, Commission on Audit, Philippine Statistics Authority and now the BSP. There are still a number of agencies lined up for next year,” Balisacan said.
He said the tie-up with Bangko Sentral would foster competition amid the changing landscape of the banking industry. Balisacan and BSP Governor Nestor Espenilla Jr. signed the agreement.
“The PCC and BSP have common interests in the regulation of bank and non-bank financial institutions. In regulating banks, the PCC acknowledges that while financial institutions serve as the intermediary for money, banking and credit that businesses rely on, they themselves operate as businesses, too,” Balisacan said.
“This partnership is a strong push towards efficient regulatory approach concerning the banking and financial industry. BSP’s mandate is in promoting and maintaining stability in the monetary and financial system, while PCC’s obligation is in promoting free and fair competition,” he said.
Bangko Sentral, being the country’s monetary authority, provides policy directions in the areas of money, banking and credit. It supervises operations of banks and exercises regulatory powers over non-bank financial institutions with quasi-banking functions.
The PCC, being the anti-trust and competition authority, is mandated to prohibit anticompetitive conduct, agreements, or mergers, and impose administrative penalties on erring institutions or individuals across industries, including the banking and financial sector.
