THE Philippine Competition Commission (PCC) said it signed an agreement with SM Prime Holdings, Inc. which aims to promote fair market competition and cure potential competition issues.
PCC Chairman Michael G. Aguinaldo said the memorandum of cooperation it signed with SM Prime will help address the lack of awareness of what competition means under the Philippine Competition Act.
“SM Prime has proposed, and we have agreed to work together in advocating for competition and the benefits thereof through a nationwide information campaign,” Mr. Aguinaldo said.
Under the agreement, SM will provide PCC ad space in all its cinemas, LED poster boxes and cinema directories, and in-mall screens at the company’s 86 malls.
“We believe that a fair market fosters a vibrant and inclusive economy while advancing consumers’ welfare,” SM Prime Assistant Vice-President for Operations Christian V. Mathay said.
“By allowing consumers to exercise their right of choice, a fair market empowers them to select goods and services that align with their needs and preferences,” he added.
The agreement also comes with a commitment from SM Prime to abide by competition law by organizing seminars in the next two years on competition law and policy for its employees and tenants.
“They will also appoint a competition compliance officer who will work with the PCC in coming up with a compliance program for SM and who will be the point person for any competition-related concerns that may be brought to the attention of the PCC,” Mr. Aguinaldo said.
“This will in effect provide an opportunity for SM to correct itself in case there are any anti-competitive practices before it goes to the level of an actual case,” he added.
These practices may include restrictions on how many of a particular store will be allowed in a given mall or whether banks are provided mall space. — Justine Irish D. Tabile
