Administrative Code of 1987
Section 1. Declaration of Policy. - The State shall develop a self-reliant and independent national economy effectively controlled by Filipinos. It recognizes the indispensable role of the private sector, encourages private enterprise, and provides incentives to needed investments.
The State shall promote industrialization and full employment based on sound agricultural development and agrarian reform, through industries that make full and efficient use of human and natural resources, and which are competitive in both domestic and foreign markets. It shall protect Filipino enterprises against unfair foreign competition and trade practices.
In pursuit of these goals, all sectors of the economy and all regions of the country shall be given optimum opportunity to develop. Private enterprises, including corporations, cooperatives, and similar collective organizations shall be encouraged to broaden the base of their ownership.
The State shall pursue a trade policy that serves the general welfare and utilizes all forms and arrangements of exchange on the basis of equality and reciprocity.
The State shall regulate or prohibit monopolies when the public interest so requires. No combinations in restraint of trade or unfair competition shall be allowed. The state shall protect consumers from trade malpractices and from substandard or hazardous products.