Definition of Illegal Acts and Monopolistic Practices
- Includes entering into agreements or conspiracies to restrain trade.
- Prohibits monopolizing any merchandise or trade object, or conspiring to do so by spreading false rumors or using artifices to alter market prices.
- Covers manufacturers, producers, processors, importers, wholesalers, and retailers who combine to carry out transactions prejudicial to lawful commerce or to increase prices artificially.
Enhanced Penalties for Offenses Affecting Essential Commodities
- Offenses involving food substances, motor fuels, lubricants, or other prime necessities incur increased penalties: prision mayor (minimum to medium periods).
- The law penalizes the initiation steps toward such combinations, even before full execution.
Forfeiture of Property Used in or Obtained Through Illegal Acts
- Any property involved in or acquired under monopolistic contracts or combinations subject to forfeiture to the Philippine government.
Corporate Liability and Responsibility of Officers
- If a corporation or association commits the offenses, the president, directors, managers, agents, or representatives in the Philippines who allow or fail to prevent the violations are held liable as principals.
Effective Date
- The law takes effect immediately upon approval.