The buzz word nowadays is Entrepreneurship. It seems like everyone is going that route. Everyone wants to get into it. Everyone’s starting their own businesses. Every one wants to be called an Entrepreneur.

I’ve thought about why people should try to “enter entrepreneurship” and here are some of the reasons why:

1) Control your one time — control your own life!
Being an entrepreneur doesn’t mean that you will have less work. In fact, during the first year of business, you might be the busiest that you’ll ever be. But the nice thing about being an entrepreneur is that you actually have more control over your time. You can move schedules around. This is what I actually love about my life now. If I don’t feel like working, I don’t get up. I just see to it though, that I accomplish things and that I always see results.

2) Unlimited Opportunities to Earn and to Learn
I used to think (especially when I was about to resign from my job) that I would be a bored individual, just going through the daily grind of creating workshops and writing for my blog and other entities. I used to think that I wouldn’t be able to meet a lot of people as the way I did when I was employed. I’m a people person so I love going out and conversing with others. But when I became an entrepreneur, I got to widen my network four-fold. Almost every day, I get to meet a new person, in person or virtually. I receive at least two to three emails from people I don’t know every day. If you multiply that, that’s at least 1095 new people a year!

But what I genuinely love about meeting new people is that I get to learn new things! I see meetings as an opportunity to learn and to widen my knowledge about different things. Being an entrepreneur allowed me to go out there and look for new acquaintances and learn more new stuff!

3) Allow you to do the things that you want so you can leave a Legacy!

I don’t know if you saw this episode for GTV: Love the Leap recently.

I talked about leaving a legacy, which I realized after reading Stephen Covey’s 8th habit: From Effectiveness to Greatness. I honestly believe that all of us are meant for greatness. When we pass away, I’m sure that each one of us want to be remembered for something — a loving mom, a great educator, an admirable social entrepreneur, but all of these things stem from the fact that we had a goal of making the world a better place and we helped by using our talents. Everyday, we help make the world a better place the best we know how. Being an entrepreneur makes you think about this every day. With the business that I have, how can I add value?

These three things are just a few reasons why I think people should try to enter entrepreneurship. For those who are already entrepreneurs, they know that there are a lot of things that you need to learn in order to sustain the business that you have. For skills and things that you don’t know about, it’s good to know at least the basics so that even if you decide to outsource in the end, you still have a good understanding on how things work.

With this, Burn Gutierrez and I decided to come up with a Webinar Series called Enter Entrepreneurship with topics that we know you would love to learn about!

Enter Entrepreneurship

Enter Entrepreneurship

This webinar series is composed of 10 topics:

Understanding WordPress – July 18, 2015 with Jerome Esperanza
Basics of Photoshop – July 25, 2015 with Amanda De Ocampo
Setting up an Online Store – August 1, 2015 with Fitz Villafuerte
Product Shots with a Purpose – August 8, 2015 with Shiela Catilo
Basics of Shooting a Video – August 15, 2015 with Dennis Abad
Basics of Video Editing – August 22, 2015 with Jeo Paz
Facebook Marketing – August 29, 2015 with Peter Juan
Digital Marketing – Sept. 5, 2015 with Ros Juan
Content Planning – Sept. 12, 2015 with Rey Baguio
Blog and Creative Writing – Sept. 19, 2015 with Martine De Luna

The cost of all the 10 workshops is at Php 10,000, but if you opt to choose just some, each session is at Php 1999. If you avail of the 10 sessions, you will get access to my Love the Leap Checklist and a free 11th session on Productivity and Management from Sonny Del Rosario.

Freebie Image

 

I really hope that you could sign up for this very beneficial webinar series! You can sign up by clicking on this link:

http://manilaworkshops.com/events/enter-entrepreneurship

For those who want to know more about our speakers, here are their profiles!

Amanda De Ocampo

Dennis Abad Fitz Villafuerte Jeo Paz Jerome Esperanza Martine De Luna Rey Baguio Sheila Catilo Sonny Del Rosario

Sign up now at http://manilaworkshops.com/events/enter-entrepreneurship

In a business environment, having competition is healthy. I am all for it, not only as a consumer, but as a seller, too! I just think that having competition keeps you motivated to innovate and strive for the best. Competition is vital in any thriving economy because it promotes the entrepreneurial spirit, encourages private investments, facilitates technology development, and enhances productivity. It also hampers you from taking advantage of the market. There is this great temptation to do so if you are the only one giving that type of product or service.

Meeting with Sen. Bam Aquino

I met Sen. Bam Aquino recently and this is one of the bills that I was impressed to hear about.

 

PhCompetitionAct

After three decades of waiting and 30 hours of bicameral conference hearing, Congress has finally ratified the Philippine Competition Act that penalizes bad market behavior and abuse of dominant positions. The Philippine Competition Act seeks to ensure that there will be fair competition among the market players in the economy. The law prohibits anti-competitive agreements, cartels, abuses of dominant positions, and mergers & acquisitions that prevent, limit, and restrict competition. This act seeks to achieve an efficient market economy and a level playing field for market players regardless of size and location.

“If enacted into law, the measure will create a level playing field, whether big or small, when it comes to market opportunities,” said Sen. Bam Aquino, chairman of the Senate Committee on Trade, Commerce and Entrepreneurship. For almost thirty years, the Philippines has remained one of few countries that does not have a valid competition policy that will protect its consumers and private industries. What goes with liberalization of our industry is a law to ensure that our market is efficiently working. This landmark measure pushes for an economy that is governed by clear rules of engagement between market players and their quest for their share in the market. This is a commitment of the Philippines in various trade organizations and this measures is seen to be the catalyst for a healthier trade, industry, and business as we compete in the bigger global market.

PHCompetition_TV
“It has been one of the longest running bills in our history,” Sen. Bam said, as the first competition policy was filed in the 8th Congress. After World War II, Japan passed its Original Antimonopoly Law in 1947 while the United Kingdom passed its Monopolies and Restrictive Practices Act in 1948.Other ASEAN countries have also passed their respective competition laws, starting with Indonesia and Thailand in 1999, Singapore in 2004, Vietnam in 2005, and Malaysia in 2012.

“This is primary a huge victory for millions of consumers, who, in the end, will be the ultimate beneficiaries of this measure,” added Sen. Bam, whose Senate Bill No. 1027 or the Philippine Competition Act was among the measures consolidated under Senate Bill No. 2282.
PHCompetition_Cellphone

President Aquino is expected to sign the measure into law as it is one of his administration’s urgent measures.

Sen. Bam said the Philippine Competition Act is expected to eliminate cartels, and penalize anti-competitive agreements and abuses of dominant players in the markets that lead to high prices of goods and services. “In addition, the Philippine Competition Act promotes a culture of healthy competition that inspires ingenuity, creativity, and innovation in addressing market needs,” Sen. Bam said.

“We need more players in our markets, so that the quality of products and services increases, and prices of goods would then go down,” Sen. Bam added. The measure will also prohibit anti-competitive agreements and abuses of dominant position that distort, manipulate, or constrict the operations of markets in the Philippines.

“We thank the hard work of our fellow senators and our congress counterparts in coming up with a solid bill that will further help our economy down the road,” Sen. Bam emphasized.

Sen. Bam also credited the late Rep. Henry Cojuangco for actively pursuing the bill’s House version. Cojuangco died from aneurysm, hours before the bill hurdled the second reading at the House of Representatives last May 12.

PHCompetition_Car

“Panalo ang taumbayan dahil sa pagpasa ng panukalang ito,” the senator highlighted.

“We would like to tell the world that with the Philippine Competition Act, our country is now open for business,” Sen. Bam happily declared.

PHCompetition_Airline
Some other Frequently Asked Questions:

Does this law disallow and dismantle monopolies?
No, this law does not prohibit the existence of monopolies. If a business is big because it employed an efficient, innovative, excellent customer service/goods, and competitive business practice, then they can keep their dominance. This law only looks at the behavior of market players that unduly prevent, restrict and lessen competition.

By allowing State intervention as to the conducting of business, will this law hinder the free trade?
No. In fact, the law protects free and fair trade by deterring unscrupulous entities that seek to unfairly dominate and manipulate the market. This measure, in fact, creates an environment where market players are protected with clear rules so they can compete in the market regardless of their size, location and duration of stay in the market. In effect, the measure protects new entrants and businesses, which are playing a fair game in the market.

Which entities does the said law cover?
This law is enforceable against any person or entity engaged in trade or business in the Philippines. It also applies to international trade that have direct and substantial effects in the Philippines.

Are there any exceptions to such coverage?
No industry is exempted from the application of this measure.

Who will implement the provisions of this law? Or will this be another unimplemented piece of legislation?
A quasi-judicial body will be created to fully implement this measure. The Philippine Competition Commission (PCC) is established to look into anticompetitive behaviors, abuses in dominant positions, and anticompetitive mergers and acquisitions.

Who will compose the Philippine Competition Commission?
The PCC shall be composed of a Chairperson and 4 Commissioners, as well as an Executive Director and other personnel to be determined by the Commission.

What are the powers of the Philippine Competition Commission?
The PCC shall have the power to implement the provisions of this law, such as conducting investigations on any violations of the law, reviewing mergers and acquisitions, applying preventive and punitive measures against violators of the law after due notice and hearing, inspecting business premises upon order of the court, issuing subpoenas and citing persons in contempt, issuing adjustment or divestiture orders, and conducting, publishing, and disseminating studies and reports on matters relating to fair competition, among many others.

Who will prosecute criminal offenses under this law?
The DOJ-OFC (Department of Justice– Office for Competition) is responsible as to the conduct of preliminary investigations and prosecution of all criminal offenses under this law. The PCC and the DOJ-OFC will work closely together to ensure that no anti-competitive act is unpunished. What acts are prohibited under this law? There are 3 things that are prohibited under this Act: Anti-competitive Agreements, Abuses in Dominant Position and Anticompetitive Mergers and Acquisitions.

When is an agreement deemed to be anti-competitive?
For agreements between and among competitors that restrict competition as to price manipulation and bid rigging are per se prohibited and are considered criminal under this Act. Other agreements that prevent, restrict, and lessen competition are assessed based on its object or effect in the market before it can be considered as anti-competitive.

When is there an abuse of dominant position?
For entities who are dominant in a relevant market, such behaviors that prevent, restrict and lessen competition are considered anti-competitive: selling goods and services below cost, imposing barriers to entry, making the sale of goods dependent on other goods or services which are totally unrelated, making prices discriminatory to the distributor and the consumers, directly or indirectly imposing conditions to a sale, and limiting production to increase prices in the market.

Are we punishing big businesses?
No. Having a dominant position in a relevant market through legitimate means that do not substantially prevent or lessen competition is not prohibited. Any conduct that contributes to the improvement of production and technical development and is beneficial to consumers may not necessarily be an abuse of dominant position.

Are all mergers and acquisitions considered anti-competitive?
No. Mergers and acquisitions that do not prevent, restrict or lessen competition are still allowed in the current measure. However, mergers and acquisitions that hit the notification threshold will be asked to notify the Commission before their transaction is consummated. This is to ensure that the impact of such merger or acquisition is not detrimental to the market.

What are the examples of allowed mergers and acquisitions?
Mergers and acquisition that has brought about or is likely to bring about efficiency is allowed. Also, parties to a merger or acquisition faced with actual or imminent financial failure are also allowed. In addition, an entity is allowed to continue owning and holding stock or other share capital or assets of another corporation which it acquired prior to the approval of the law.

What are the fines and penalties to be imposed on violators of the law?
For anti-competitive agreements and abuse of dominant position, an administrative penalty, determined after due notice and hearing, reaches up to a hundred million pesos for the first offense, while a fine of not less than a hundred million pesos but not more than two hundred fifty million pesos is imposed for the second offense.

For anti-competitive agreements done between and among competitors, violators will face imprisonment from two (2) to seven (7) years, and a fine of not less than fifty million pesos but not more than two hundred fifty million pesos. The penalty of imprisonment shall be imposed upon responsible officers and directors of the entity.

But will important trade secrets of businesses be protected under this law?
Yes. Confidential business information in relation to any inquiry or investigation conducted pursuant to this law shall not be directly or indirectly disclosed, published, or disseminated. However, this confidentiality rule shall not apply when the entity consents to the disclosure or the business information is mandatorily required to be disclosed by law or by a valid order of a court or government agency.

What are the mechanisms in place to ensure the efficient implementation of this measure?
As we learned from the experiences of other nations, cartels and other anti-competitive behaviors are really hard to prosecute. They work in the most innocuous ways that normally go undetected by the naked eye.

As a global best practice, the law calls for the development of a Leniency Program to be granted to any entity in the form of immunity from suit or reduction of any fine in exchange for the voluntary disclosure of information, which would help in the prosecution of cases under this law. This has been proven to work in other jurisdiction like in UK and US.

When should the cases be filed under this law?
Any action arising from a violation of this law should be commenced within five (5) years from the discovery of the violation, as to criminal actions, and from the time the cause of action accrues, as to administrative and civil actions. Is there still time for entities to renegotiate agreements and restructure their businesses so as not to violate the law? Administrative, civil, and criminal penalties shall be imposed on violators of the law only upon the expiration of two (2) years after the effectivity of the law. This rule, however, will not apply as to administrative, civil, or criminal proceedings initiated before the entry into force of this law.

I love the Philippine Competition Act. Let’s help Sen. Bam Aquino spread the word about this! Please use #PHCompetitionAct 🙂