CLARK FREEPORT -- The Bases Conversion and Development Authority (BCDA) and the Philippine Competition Commission (PCC) sealed a partnership agreement that will boost the attractiveness of investment opportunities in the Philippines, including those at New Clark City.
The agreement formalizes the understanding of the two agencies to better coordinate their efforts, reinforce their cooperation, and facilitate the review of projects and other transactions.
These are guided by the Philippine Competition Act (Republic Act 10667), particularly for "Covered Transactions," or for transactions with a value greater than P4 million.
The agreement also aims to efficiently promote the National Government's development initiatives and policies to potential private entities that can partner with the government to help achieve development objectives.
The Philippine Competition Commission (PCC) is an independent, quasi judicial body formed to implement the Philippine Competition Act (Republic Act 10667).
The PCC aims to promote and maintain market competition within the Philippines by regulating anti-competition behavior. Its main role is to promote economic efficiency within the Philippine economy, ensuring fair and healthy market competition.
The signing ceremony was led by PCC Chairperson Arsenio M. Balisacan and BCDA President and Chief Executive Officer Vivencio B. Dizon.
It was witnessed by BCDA Executive Vice President Aileen An R. Zosa and PCC Commissioner lawyer Johannes B. Bernabe. Also present during were PCC Commissioners Macario C. De Claro Jr. and Amabelle C. Asuncion, and PCC Executive Director Kenneth V. Tanate.
"The agreement paves the way for harmonized transactions between BCDA and PCC, and will facilitate more efficient processes," said PCC Chairperson Balisacan. "It is also our way of contributing to BCDA in attracting businesses."
In the agreement, key points on coordination and cooperation were stipulated. These included the referral of BCDA of competition concerns to PCC regarding PPP projects; the facilitation of PCC's review of Covered Transactions through the proper coordination and cooperation of BCDA in terms of timelines and requirements; consultative meetings; the organization of capacity-building activities such as workshops, seminars and conferences; and the continuous review of the agreement through amendments.
It also meant conformity with the prescribed rules on free access and use of information and documents, confidentiality rules, public communication, and other limitations in usage.
As an independent quasi-judicial body that ensures fair competition in
the market for the benefit of consumers and businesses, PCC held a vital role in the public tender for New Clark City's water and power utilities.
New Clark City, BCDA's most ambitious project to date, is envisioned to be the first smart and disaster-resilient city in the Philippines.
"New Clark City is an example of what we can do if the government and private corporations collaborate to build projects that we need," BCDA President Dizon said. "We can do fantastic things for the welfare of everyone, and we are excited to show you what is possible and what we have done."
After the signing, the 60-member PCC delegation toured Phase 1A of New Clark City - site of the National Government Administrative Center and the world-class sports facilities where the 30th South East Asian (SEA) Games will be held.
Built by the BCDA and its joint venture partner, MTD Clark Inc., New Clark City Phase 1A is now 98 percent complete.
Just recently, international governing bodies, International Association of Athletics Federations (IAAF) and Federation Internationale de Natation (Fina), recognized the newly finished 20,000-seater Athletics Stadium and the 2,000-seater Aquatics Center, citing how fast they were finished which is within only 18 months.
The IAAF and Fina recognition, and the satisfaction of visiting athletes who tested the facilities prove that Clark is SEA-games ready.