Issues

Sen. Bam: Lower prices of goods, services with IRR for PH Competition Act signed

The signing of the Implementing Rules and Regulations (IRR) for the Philippine Competition Act will soon lead to lower prices and improved quality of goods and services for consumers, according to Sen. Bam Aquino.

 “This will bring prices down while improving quality across goods like agricultural products and services like the Internet,” said Sen. Aquino, co-author and principal sponsor of Republic Act 10667 or the Philippine Competition Act.

 “Creating a healthier and more competitive business environment in the Philippines has far-reaching benefits for the start-up community, small businesses, and, ultimately, Filipino consumers,” added Sen. Aquino, chairman of the Committee on Trade, Commerce and Entrepreneurship.

 The IRR of Republic Act 10667 was published in major dailies today (June 3), making the law effective after 15 days or on June 18, 2016.

 Sen. Bam lauded the signing of the IRR, saying “this is another major milestone for everyone that worked on the passage of the Philippine Competition Act.”

 “Congratulations to the Philippine Competition Commission on the signing of the Philippine Competition Act IRR,” he said.

 It took 25 years before Congress finally enacted the Philippine Competition Act into law and it happened under Sen. Bam’s watch as chairman of the Committee on Trade, Commerce and Entrepreneurship.

 The Philippine Competition Act will help sustain the country’s ever-growing economy and ensure a climate that provides a level-playing field for all businesses.

 Sen. Bam called the Philippine Competition Act as a “historic, game-changing legislation for the economy” as it penalizes bad market behavior and abuse of dominant positions.

 The Philippine Competition Act is expected to eliminate cartels, and penalize anti-competitive agreements and abuses of dominant players in the markets that lead to high prices of goods and services.

Sen. Bam added that Philippine Competition Act promotes a culture of healthy competition that inspires ingenuity, creativity, and innovation in addressing market needs.

 The senator earlier said that the Philippine Competition Act will be crucial to incoming President Rodrigo Duterte’s aim to improve the country’s Internet service as the law will encourage the entry of more players in the telecommunications industry.

 The Philippine Competition Commission is also expected to look into the sale of San Miguel Corporation’s telecommunications assets to PLDT and Globe to assess its impact on consumers and the industry.

 

Sen. Bam: Competition law to help Duterte improve PH Internet

A senator believes that presumptive President-elect Rodrigo Duterte can improve the state of country’s Internet with the help of the Philippine Competition Act, which will encourage the entry of more players in the telecommunications industry.

 Sen. Bam Aquino expressed elation over Duterte’s pronouncement that he will encourage the entry of competition if local telecommunication players fail to improve quality of the country’s Internet.

 “We are confident that the Philippine Competition Act, a law we passed last year, through the Philippine Competition Commission, will usher in such competition for the benefit of Filipino consumers for the long term,” said Sen. Bam, principal sponsor and co-author of Republic Act 10667 or the Philippine Competition Act

 Sen. Bam said more players in the telecommunications industry will create competition in the market, which, in turn will result to improved service at affordable prices for consumers.

 It took 25 years before Congress finally enacted the Philippine Competition Act into law and it happened under Sen. Bam’s watch as chairman of the Committee on Trade, Commerce and Entrepreneurship.

 The Philippine Competition Act will help sustain the country’s ever-growing economy and ensure a climate that provides a level-playing field for all businesses.

 “We will continue to develop and push policies to provide the public access to quicker and more affordable Internet services,” added Sen. Bam, who spearheaded several hearings on the slow and expensive Internet service in the country.

 Meanwhile, Sen. Bam also lauded President Aquino’s approval of the creation of the Department of Information and Communications Technology (DICT) into law.

 “After last year’s hearings to investigate the country’s slow and expensive internet, we are finally seeing progress in our quest for improvement of internet services in the Philippines,” Sen. Bam said.

 On March 2015, Sen. Bam filed Senate Bill 1091 or the Magna Carta for Philippine Internet Freedom, which proposed the establishment of a DICT

 “We are happy to learn that RA 10844, an act creating the DICT, was signed into law this week,” said Sen. Bam.

Bam: Huwag mong sabihing may dayaan kung wala kang ebidensiya!

“Huwag mong sabihing may dayaan kung wala kang ebidensiya!”

Sen. Bam Aquino made his pronouncement during his interpellation of Sen. Ferdinand Marcos Jr. during Monday’s Senate session.

“Kung kayo na po mismo ang nagsabi na hindi po natin alam kung ano ang nangyari, hindi po ba premature na sabihin na may pandarayang nangyari,” Sen. Bam questioned Marcos during interpellation.

“Wala pa akong sinasabi na may nangyaring pandaraya sa server,” replied Marcos, who earlier claimed that his lead was depleted after Smartmatic applied the cosmetic change on the transparency server.

Aquino also challenged Marcos to back up his accusation with the proper data and the proper numbers to justify his call for the opening up of the server for scrutiny.

 

Sen. Bam thanks Bangladesh for patience, assures $81M will be returned

Sen. Bam Aquino thanked Bangladesh for its patience and assured that the Philippine government will leave no stone unturned to ensure the $81 million stolen from its central bank is returned as soon as possible.

“Thank you very much, Mr. Ambassador, for being so patient in our hearings,” Sen. Bam told Bangladeshi ambassador John Gomes during the Senate blue ribbon committee’s last hearing on the hacking incident.

 Despite the adjournment of the hearing, Aquino said the process of returning the stolen money to Bangladesh will continue.

“We won’t stop until the money stolen from the Bangladeshi people is returned, up to the last centavo,” said Sen. Bam.

During the hearing, the Anti-Money Laundering Council (AMLC) confirmed that the $81 million was stolen by unidentified hackers from the Central Bank of Bangladesh.

Of the $81 million, the AMLC said $15 million was returned by junket operator Kim Wong, $21 million allegedly went to casinos, $28 million is subject to Supreme Court’s decision on the petition for review and $17 million still at large.

 The AMLC said a court order is needed to forfeit the $15 million in its safekeeping while the Bangladesh government can file a third-party claim to prove that the money belongs to them.

The process, according to the AMLC, will take about three to five months.

Bam: Children now Protected during Disasters, Calamities

The measure that will provide utmost protection to Filipino children during disasters, calamities and armed conflicts is now a law, according to Sen. Bam Aquino.

In a simple ceremony in Malacanang Tuesday, President Aquino signed Republic Act 10821, or the “Children’s Emergency Relief and Protection Act.

“We welcome the enactment of this measure into law. This is timely especially with the La Nina phenomenon expected to hit the country in the coming months,” said Sen. Bam, chairman of the Committee on Youth and a co-author of the measure in the Senate.

The law provides utmost priority to children during and after every disaster as they are the most vulnerable and are worst affected during disasters such as earthquakes, volcanic eruptions and flash floods.

It will also establish child-centered training to disaster first responders, teachers, psychologists and other volunteers in disaster recovery, relief and rehabilitation, with special modules for different stages of children and youth development.

It mandates the Department of Social Welfare and Development (DSWD) to formulate a Comprehensive Emergency Program for Children and local government units to integrate the said program in their development and Local Disaster Risk Reduction and Management (LDRRM) plans and budget.

“While we have already made big improvements in the field of disaster risk reduction on a national and local level, now we have the opportunity to target our Filipino children, one of the most vulnerable sectors during times of calamity,” said Sen. Bam.

According to Sen. Bam, existing policies will also be reviewed to give better support to Filipino children, especially during disasters, calamities or in armed conflict to help lessen trauma, restore normalcy quickly and build their resilience better.

“We will continue to work in protecting our Filipino children during disasters, calamities, or armed conflict, but also to reduce trauma and build their resistance to these threats,” he added.

During the onslaught of Typhoon Yolanda, Aquino said an estimated six million children were affected, according to data from Save the Children. 

“A national program is crucial in the most vulnerable areas of the country, where the experience of prolonged displacement would have a profound impact on the children’s sense of security, physical and emotional well-being,” Sen. Bam said.

This is Aquino’s 13th law in less than three years as senator.

Bam lauds staging of ESL One in PH

Sen. Bam Aquino, an avid supporter of the eSports industry, lauds the staging of the ESL One Dota Tournament in the country, saying this is a chance to show cyber athletes from around the world that eSports is more fun in the Philippines.

The ESL One will be held for the first time in Southeast Asia with the first-ever premium Dota 2 tournament at the Mall of Asia Arena from April 23 to 24.

 The event will feature top teams from around the world as they battle for a lion’s share of the $250,000 top purse and the honor of becoming ESL One champion.

 Sen. Bam is expected to grace the event’s kickoff on Saturday (April 23).

Sen. Bam said the event will put the country as the next mecca for eSports and will bring fresh employment and business opportunities for Filipinos.

“ESL coming to the Philippines, will bring business opportunities and prestige to the country,” said Sen. Bam.

The office of Sen. Bam has been extending assistance to the local eSports community as support for the growth of the community and development of the e-industry in the country.

“We’ve been greatly impressed working with our eSports community and our Filipino cyber athletes, not only with their success in global competitions, but also in their dedication to professionalize our local eGaming industry,” said Sen. Bam. 

Through Sen. Bam’s initiative, the Philippine eSports Association (PeSPA) was formed to strengthen the foundation of eSports in the country.

Bam: Barangay Captains Can Now Administer Oath to Next PH President

Sen. Bam Aquino’s measure empowering barangay captains to administer the oath of office to the country’s next president has been signed into law by President Aquino.
 
The Chief Executive has signed Republic Act No. 10755 last March 29, 2016, which will give barangay chairmen power to administer oath of office of any government official, including the President of the Philippines.
 
“By empowering the Punong Barangay to administer oaths is an affirmation and recognition of its critical role in our society,” said Aquino, co-author of the measure.
 
Aside from carrying out government programs and projects in the barangay level, the Punong Barangay also serves as the leader and a source of legitimacy by its constituents,” the senator added.
 
The new law will amend Chapter 1, Section 41 of Executive Order 292 to include barangay captains among officers who have general authority to administer oath.
 
Barangay captains will join other officials who have the authority to administer oath to any government official, among them the President, Vice President, Members and Secretaries of Both Houses of Congress and Members of the Judiciary.
 
Under EO 292, officials who have the power to administer oath are Members of the judiciary, department secretaries, governors, vice governors, city mayors, municipal mayors, bureau directors, regional directors, clerks of court; registrars of deeds and other civilian officers in the government whose appointments are vested in the President and are subject to confirmation by the Commission on Appointments.
 
Other constitutional officers, public attorney’s office (PAO) and notaries public are also empowered to administer oath.
 
This is Aquino’s 10th law in less than three years as senator. Recently, Sen. Bam’s measure giving value-added tax exemption to persons with disabilities has been signed into law.

Bam on Kim Wong

Kim Wong returning 4.6 million dollars is only the first step.

In the previous hearing, we know that he received much more than that. In fact, I am hoping that all institutions that  received the illegally acquired funds will return it at the soonest possible time.

We should insist that the other junket operators, casinos and other institutions return the money that coursed through them, in good faith, and because it is the right thing to do.

Of course, these actions will not absolve any party as the investigation by the authorities is ongoing and the the true picture of what happened is still unclear to the public.

Bam’s Loan Guarantee for Small Biz Program Now a Law

Small and medium enterprises will now have additional access to credit with the approval of the Credit Surety Fund (CSF) Cooperative Act into law, according to Sen. Bam Aquino.

Aquino, author and sponsor of the Senate version of the measure, said that Republic Act 10744 would institutionalize the CSF program of the Bangko Sentral ng Pilipinas (BSP), which targets the missing middle or loan requirements ranging from P200,000 to P5 million.

“When it comes to micro, we have the cooperatives and the microfinance institutions. When it comes to the medium and large, our banks are actually quite willing to provide loans,” said Aquino, chairman of the Committee on Trade, Commerce and Entrepreneurship.

“This small enterprise space that we perceive to still be a missing middle will, hopefully, be catered to through the Credit Surety Fund Cooperative Act,” he added.

According to Aquino, the smaller enterprise’s loan needs that range from 500 thousand pesos to 5 million pesos are too large for microfinance institutions but still perceived to be too risky for banks, which, most of the time, ask for collateral.

Through this, the BSP, local government units, Department of Finance, Cooperative Development Authority, cooperatives, microfinance NGOs and government financing institutions (GFIs) will join hands to create an initial fund.

This fund may be used by entrepreneurs and businessmen belonging to cooperatives and microfinance NGOs, which helped establish it, as collateral or guarantee for bank loans.  

“So hopefully we’ll be able to provide loans at this space with comparable rates completing the whole financial inclusion supply chain,” said Sen. Bam.

Furthermore, the new law will help build the capability of MSMEs, cooperatives and non-government organizations in the areas of credit evaluation, loan and risk management, and good governance.

Also, the bill seeks to enhance the MSMEs’ credit worthiness and broaden access to credit facilities, and sustain the continuous flow of credit in the countryside.

“This will generate more employment and alleviate poverty through increased investments and economic activities,” added Aquino, stressing that the challenge is to grow the micro businesses into small enterprises and the small enterprises to medium enterprises.

“If it this is done, growth would not only be for the few rich, rather, it would be for everyone, even to the poorest Filipino,” Aquino said.

The Credit Surety Fund Cooperative Act is the tenth law of Aquino in the 16th Congress.

He is a former social entrepreneur, who worked on livelihood and business development projects in poor communities for a long time before running for a senate seat in 2012.

Bam: Consumers now Protected against Shortchanging

Consumers will soon be protected against shortchanging with the bicameral conference committee’s approval of the measure penalizing establishments that shortchange consumers, according to the bill’s primary sponsor Sen. Bam Aquino.

The bicameral conference committee recently consolidated the versions of both houses. After both houses ratify the bicameral conference committee report, the bill will be transmitted to Malacanang for President Aquino’s signature.

The measure, known as the No Shortchanging Act, aims to promote consumer protection and the continued professionalization of micro, small and medium enterprises (MSMEs).

“This measure will require that price tags reflect the exact price to remind customers to make sure they aren’t shortchanged,” said Sen. Bam, chairman of the Committee on Trade, Commerce and Entrepreneurship.

The measure prohibits the giving of insufficient or no change and the giving of change in any form other than money, such as candy or other items.

The bill penalizes first-time violators with a 500-peso fine while the second offense will warrant a three-month suspension of the establishment’s license to operate along with a fine of 15,000 pesos.

The third violation will result in the revocation of the establishment’s license to operate and a fine of 25,000 pesos.

In his sponsorship speech, Sen. Bam said the measure promotes a culture of weaving decency, integrity, and professionalism among Filipino entrepreneurs.

The senator emphasized that giving consumers what they are due, down to the last centavo, breeds a culture of precision and fairness that should permeate through all Filipino businesses.

“Naniniwala tayo na madadala at mapakikinabangan ng mga negosyanteng Pilipino ang kasanayang ito kapag lumaki at lumago ang kanilang negosyo,” Sen. Bam said.

If approved by President Aquino, this will be Sen. Bam’s 10th law for the 16th Congress.

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