President Benigno Aquino III thanked Sen. Bam Aquino for his efforts to pass two crucial legislative measures that will further sustain the country’s economic growth and boost the government’s inclusive growth agenda.

In his speech, the Chief Executive lauded Sen. Aquino, whom he playfully referred to as “Kuya Bam”,  for working for the passage of the Philippine Competition Law and the Foreign Ships Co-Loading Act, now known as Republic Act 10667 and 10668, respectively.

The measures were signed by the Chief Executive during a ceremony at Malacanang Palace today (July 21).

“Partikular po nating pinasasalamatan, unahin ko na po, pasensiya na po kayo, ‘yung kuya ko si Bam Aquino, at ang marami pang ibang sponsor at may-akda ng dalawang batas na ito,” President Aquino said in his speech.

The President said the Philippine Competition Act, which took almost 25 years to pass into law, would help sustain the country’s ever-growing economy and ensure a climate that provides a level-playing field for all businesses.

“Sa pamamagitan ng dalawang panukalang batas na pinagtibay natin sa araw na ito, tinatanggal natin ang mga baluktot na kalakarang dulot ng kawalan ng kumpetisyon, na walang nadadalang pakinabang sa ating mamamayan,” said the Chief Executive.

The President also stressed the importance of the Foreign Ships Co-Loading Act, saying that it will lead to lower prices of logistics and lower prices of goods for consumers

“Sa mga amyenda po ninyo, malayang makakapagkalakal ang mga banyagang barko ng kanilang imported at exported na kargamento sa kanilang napiling port of destination. Dahil dito, mapapadali at mapapamura ang export at import ng mga produkto, na magbubunsod ng mas masiglang merkado,” he said.

“Sa pinagtibay nating Philippine Competition Act at Liberalization of Philippine Cabotage, ang pagbabagong tinatamasa natin ngayon ay magpapatuloy hanggang sa mga susunod pang henerasyon,” the Chief Executive stressed.

The Philippine Competition Act levels the playing field for all businesses by penalizing anti-competitive agreements and abuses of dominant players, aside from eliminating cartels.

Under the law, a Philippine Competition Commission (PCC) will be established with the Chief Executive appointing a chairperson, four commissioners and an executive director.

As an independent quasi-judicial body, the PCC will look into anti-competitive behaviors, abuses in dominant positions, and anti-competitive mergers and acquisitions.

The Foreign Ships Co-Loading Act allows foreign ships carrying imported cargoes and cargoes to be exported out of the country to dock in multiple ports.

With the approval of these two measures, Sen. Bam now has four laws to his credit. Last year, the President approved the Go Negosyo Act and the Philippine Lemon Law.