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Philippine legislature passes Fair Competition Act, will become law after president signs it

( June 11, 2015, 09:39 GMT | Insight) -- The Philippine Competition Act has finally been approved by the country's two chambers of congress, and will officially become a law once President Benigno Aquino III's signs it, GMA News reported. The landmark measure mandates the creation of a Ph...The Philippine Competition Act has finally been approved by the country's two chambers of congress, and will officially become a law once President Benigno Aquino III's signs it, GMA News reported. The landmark measure mandates the creation of a Philippine Competition Commission, functioning as an independent quasi-judicial body attached to the Office of the President. It will have the power to conduct inquiries, investigate, hear and decide on antitrust cases. The act also provides for a fine of up to 100 million pesos (about $2.2 million) for business entities found engaging in unfair business practices for the first offense, and up to 250 million pesos for the second offense....

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