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F. Monopolies, restraint of trade, and unfair competition

1. REGULATION OR PROHIBITION OF MONOPOLIES

The State shall regulate or prohibit monopolies when the public interest so requires. (Section 19, Article XII, 1987 Constitution)

a. No combinations in restraint of trade or unfair competition

No combinations in restraint of trade or unfair competition shall be allowed. (Section 19, Article XII, Ibid.)

2. CENTRAL MONETARY AUTHORITY

The Congress shall establish an independent central monetary authority. (Section 20, Article XII, Ibid.)

a. Members

The members of whose governing board must be:

1) Natural-born Filipino citizens;

2) Of known probity, integrity, and patriotism; and,

3) The majority of whom shall come from the private sector. (Section 20, Article XII, Ibid.)

They shall also be subject to such other qualifications and disabilities as may be prescribed by law. (Section 20, Article XII, Ibid.)

b. Policy direction

The authority shall provide policy direction in the areas of money, banking, and credit. (Section 20, Article XII, Ibid.)

c. Supervision over banks

It shall have supervision over the operations of banks and exercise such regulatory powers as may be provided by law over the operations of finance companies and other institutions performing similar functions. (Section 20, Article XII, Ibid.)

3. FOREIGN LOANS

Foreign loans may only be incurred in accordance with law and the regulation of the monetary authority. Information on foreign loans obtained or guaranteed by the Government shall be made available to the public. (Section 21, Article XII, Ibid.)

4. VIOLATIONS OF ARTICLE XIV OF THE 1987 CONSTITUTION

Acts which circumvent or negate any of the provisions of this Article shall be considered inimical to the national interest and subject to criminal and civil sanctions, as may be provided by law. (Section 22, Article XII, Ibid.)

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