MANILA - The Philippines' anti-trust body said it was working to improve competition among businesses after a World Economic Forum study showed the country lagging behind its Southeast Asian peers.
Brunei and Indonesia overtook the Philippines in this year's WEF ranking, making the country the 7th most competitive economy in the region and 56th in the world.
"Enhancing the competition environment in the country, will empower consumers, allow them to buy more goods and services from existing meager income, and create inclusive growth," Philippine Competition Commission chairman Arsonio Balisacan told ANC's On the Money.
Balisacan said the PCC was working to educate businesses on the country's first ever anti-trust law, which took full effect last August.
The Geneva-based WEF cited red tape, infrastructure and taxes as among top drawbacks for potential investors in the Philippines.