President Benigno Aquino III. Photo by inquirer.net
President Benigno Aquino III says no to crony capitalism. – Photo by inquirer.net

MANILA, Philippines -Midway in his term, President Benigno Aquino III has re-affirmed his pledge that crony capitalism will not exist under his ascendancy.

On the recent 8th East Asia Conference on Competition Law and Policy, the president pointed out the importance of competition in nation’s growth, global economy, and ‘even to the technological breakouts that have pushed human civilization into its next age.’

“The government, and the Filipino people, is fully committed to fostering a level playing field. We are doing this because it is one of the most critical pathways to economic growth,” said Aquino.

Aquino also added that his government would not allow monopolies by corporations or families, as dictator Ferdinand Marcos did during his regimen.

“We saw the dictator basically grab and distribute control of entire industries. We saw legal restrictions to competitions passed for no other reason than patronage, done under the guise of causes such as nationalism,” Aquino said.

Moreover, he sworn to foster the talents of every Filipino, including that of local trades to retain their global keenness.

As an economics student, the president, himself, said that he is conscious that monopolies are incompetent and have zero impetus to mend a product or service.

“It guarantees against a level playing field, where competition can bring out the best in companies and people. The lack of a healthy competitive landscape is simply indefensible and could spell any democratic country’s doom,” Aquino said.

Written by:

Alfred Mark L. Rosete
ABCom, Leyte Normal University