Pass the Fair Competition Act first before changing the economic provisions of the 1987 Constitution.

Senator Bam Aquino made this pronouncement, emphasizing that a competition law will provide Filipino businesses with the needed protection if economic provisions of the Charter are relaxed.

“We need to pass the competition law first. If you’re opening up the economic provisions of the Constitution at wala kang competition policy, then we’re opening up a lot of uncertainty,” Aquino said in a television interview.

“You’re opening up the gate pero hindi mo alam na ang papasok diyan will act fairly with the rest of the people in the house,” added Aquino, chairman of the Senate Committee on Trade, Commerce and Entrepreneurship.

The senator stressed that amending the economic provisions of the 1987 Constitution is needed to entice foreign direct investments and push the country to the next level of development.

Aquino recently sponsored Senate Bill No. 2282 or the Fair Competition Act of 2014. Senate Bill No. 2282 is a consolidation of several measures, including Aquino’s Senate Bill No. 1027 or the Philippine Fair Competition Act of 2013.

Aquino said the passage of the Fair Competition Act is long overdue because the Philippines is one of the few remaining countries without a competition policy that will protect consumers and businesses, whether big or small.

 Aside from this, the passage of a strong competition policy is crucial with the 2015 ASEAN Economic Integration fast approaching.