PRESS RELEASE
2 October 2025

PCC welcomes AFAC signing to strengthen regional competition policy

The Philippine Competition Commission (PCC) affirms its commitment to regional economic cooperation with the signing of the ASEAN Framework Agreement on Competition (AFAC) on September 23, held at the sidelines of the 57th ASEAN Economic Ministers (AEM) Meeting in Kuala Lumpur, Malaysia.

PCC Commissioner Lolibeth Ramit-Medrano (left) and Chairperson Michael Aguinaldo (8th from left) stand alongside ASEAN Economic Ministers during the signing of the ASEAN Framework Agreement on Competition on September 23, 2025 in Kuala Lumpur, Malaysia (Photo courtesy of Malaysia Competition Commission).

PCC Chairperson Michael Aguinaldo joined ASEAN Economic Ministers at the signing ceremony, highlighting the agreement as a vital step for the Philippines and the region. He emphasized that the AFAC will strengthen the country’s ability to engage in cross-border enforcement of competition laws and foster more transparent and accountable markets, contributing to inclusive and sustainable economic growth.

PCC Commissioner Lolibeth Ramit-Medrano and Chairperson Michael Aguinaldo

PCC Commissioner Lolibeth Ramit-Medrano, who served as negotiation chairperson for the AFAC process, formally presented the finalized agreement during the ceremony.

PCC Commissioner Lolibeth Ramit-Medrano, AFAC negotiations chair, hands over the ASEAN Framework Agreement on Competition document to Malaysia’s Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz during the signing ceremony on September 23, 2025 in Kuala Lumpur, Malaysia (Photo courtesy of Malaysia Competition Commission).

Medrano’s leadership during the negotiation, which began in September 2022 at the 54th AEM Meeting in Cambodia, was instrumental in shaping a framework that promotes cooperation, capacity building, and a rules-based approach to competition policy among ASEAN member states.

The agreement is expected to serve as a foundation for deeper regional integration and improved economic governance, reinforcing ASEAN’s commitment to fair competition and a level playing field for businesses across member states.

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REFERENCE:  
publicaffairs@phcc.gov.ph  
Public Affairs and Research Division
Communications and Knowledge Management Office
Philippine Competition Commission