HONG KONG, 13 August 2023 – Chairperson Michael G. Aguinaldo of the Philippine Competition Commission (PCC) served as one of the panel speakers to the “2023 Competition Enforcers and Academics Summit” held from 10 to 11 August 2023 at The Langham in Hong Kong.
The 2023 Competition Summit is co-organized by the Hong Kong Competition Commission (HKCC) and the University of Hong Kong (HKU) Business School. With over 100 senior enforcement officials and distinguished scholars from 12 Asia-Pacific countries and regions, the Summit is the largest gathering of international experts in the field of competition. It builds on the Inaugural Summit held in 2019 wherein there were over 45 international experts as participants.
Hong Kong Secretary for Commerce and Economic Development Algernon Yau, in his Opening Address, asserted the importance of the “One Country, Two Systems” principle in reinforcing Hong Kong’s role as a bridge that links the Mainland with the rest of the world. He further emphasized the pivotal role that fair competition plays in consolidating Hong Kong’s status as an international commerce and financial center in Asia by levelling the playing field for all businesses.
The plenary sessions discussed over the course of two (2) days relevant topics that affect competition policies and enforcement, such as digital markets, resale price maintenance (RPM), environment, social and governance (ESG), wage-fixing and non-competes, use of technological tools in enforcement, and merger reviews and remedy design.
Chairperson Aguinaldo shared his multifaceted knowledge and experience in dealing with anti-competitive practices. According to him, modern digital tools, such as the use of algorithmic pricing, makes it even harder for competition enforcers to detect collusion among players in the market. He likewise shared as best practice the efforts of PCC to develop in-house digital tools to detect bid-rigging to aid prosecution.
The PCC was established by Republic Act No. 10667 or the Philippine Competition Act (PCA) which was enacted back in 2016. The aim of the PCA is to promote market competition to boost the entrepreneurial spirit, encourage private investment, facilitate development and technology transfer, enhance resource productivity and advance consumer welfare.
Among the acts that are prohibited under the PCA are anti-competitive agreements and abuse of dominant position. Mergers and acquisitions are also subject to review by the PCC based on relevant factors.
PCC continues to collaborate with its international counterparts, especially in the Asia-Pacific Region, to address modern challenges to fair competition and policy enforcement. In 2021, PCC and HKCC signed a Memorandum of Understanding (MOU) to enhance technical cooperation and information-sharing in enforcing competition law, and to deepen bilateral ties.
