Aquino signs two laws for continued economic growth

President Benigno Aquino III (malacanan.gov.ph)

MANILA — President Aquino on Tuesday signed two laws aimed at ensuring continued economic and inclusive growth for the country through fair market competition and efficient shipment system.

In a ceremony held in Malacanang, Aquino signed the  landmark Philippine Competition Act and the Foreign Ships Co-Loading Act which amends the 50-year-old Cabotage law.

“Let me emphasize: If we will allow the old system to persist where there is no competition, we will be allowing our countrymen to suffer from paltry benefits. It will also be allowing ourselves to be content with a system where only a few will thrive,” Aquino said in a speech.

Speaker Feliciano Belmonte Jr said that the Philippine Competition Act was filed 26 years ago while the amendments to the Cabotage law were proposed in the 11th Congress.

He said that the passage of the laws will help curb cartels, monopolies and “unfair trade practices.”

“Signing into law these two game-changing legislation can truly help bring about inclusive growth,” he said.