Well-crafted competition policy can unlock new pathways for creating greater economic opportunities, unlocking innovation and sustaining economic growth, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said Friday in Tokyo, Japan.
He made the remarks at the launch of the book “Designing Competition Policy for Economic Development in Asia and the Pacific” at the Asian Development Bank Institute. The book analyzes the critical role of competition policy in the region.
Balisacan said sound competition policy could contribute to broader development goals by boosting productivity, creating a culture of innovation and ultimately benefiting consumers.
“Competition policy for economic development involves applying disruptive competitive pressure on rent-rich incumbents to break their grip on captive markets and enable greater consumer choice,” he said. “This results in lower prices, higher product quality, faster adoption of new processes, and the creation of new products.”
From a political economy perspective, a credible competition authority can act as a countervailing force on behalf of consumers, balancing market power and improving economic welfare, Balisacan said.
He underscored the importance of competition authorities in developing economies finding ways to integrate their tools and perspectives into broader policy frameworks.
He said that in the Philippines, competition policy was integrated into the Philippine Development Plan 2023 to 2028, complementing other policy tools aimed at achieving various development objectives. However, Balisacan noted that mainstreaming has come with implementation and coordination challenges.
Development Academy of the Philippines President Majah-Leah Ravago provided an overview of the book as co-editor. She highlighted key sections on the evolution, objectives, pillars, and emerging issues of competition policy.
Ravago said competition law in Asia needs to be adapted to align with local development priorities and complement industrial policy. She was joined by her co-editor, Prof. James Roumasset of the University of Hawaii.
Balisacan was the founding chairperson of the Philippine Competition Commission, which was established in 2016. The PCC is mandated to promote healthy market competition and curb anti-competitive behavior. Balisacan served as the inaugural PCC Chairperson until his appointment as NEDA Secretary in 2022.
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