The Philippine Competition Commission (PCC) on Monday, January 25, raised by 10% the amount of fines slapped on antitrust violators to keep track with inflationary adjustments, reported Business Mirror.
Under Memorandum Circular 21-001, the PCC increased the penalties for anticompetitive agreements, abuses of dominance, anticompetitive mergers and violations of compulsory merger notification by 10%. According to the agency, the competition law provides it the authority to adjust administrative penalties every 5 years to maintain their real value.
“Indexing the value of imposable fines to inflation ensures that the competition law’s sanctions maintain sufficient deterrent effect,” said PCC Chairman Arsenio M. Balisacan.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
