383 The PCC Hearing Part 2
Commissioner Villarosa leaned back in his chair, still tapping his pen as he gave Michael one last look before addressing his fellow commissioners. "That's all from me for now. I yield the floor to my colleagues."
Commissioner Adela Bayani immediately leaned forward, taking control of the conversation. Her gaze was sharp, and her tone serious.
"Mr. Reyes," she began, "I want to focus on the economic impact of your acquisitions, particularly in the energy sector. Reyes Corporation's presence in renewable energy is well known, and it's a growing field in the Philippines. However, there are concerns that your company is pushing smaller players out of the market through aggressive pricing strategies. What's your response to claims that Reyes Corporation's pricing has made it difficult for smaller renewable energy companies to compete?"
Michael adjusted in his seat, his voice calm but firm. "Our pricing strategies are based on scale and efficiency. Reyes Corporation has invested heavily in renewable energy infrastructure, which has allowed us to offer competitive prices while maintaining profitability. The goal isn't to push out smaller players—it's to make renewable energy more accessible and affordable for the Filipino people. Smaller companies still have a place in this market, especially in niche areas we don't serve."
Commissioner Bayani nodded slightly but didn't seem completely satisfied. "But what do you say to the argument that your company's scale and resources are inherently giving you an unfair advantage? Smaller firms can't match your investment capacity, so isn't it inevitable that they'll be squeezed out?"
"First off... that is not my problem when they don't have the financial resources. It's a competitive market, Commissioner. Every company needs to adapt or risk falling behind. We're not deliberately targeting smaller firms; we're simply executing our strategy efficiently. In the end, the consumer benefits from lower prices and improved services."
Commissioner Bayani raised an eyebrow, clearly not convinced by his straightforward answer. "But don't you think your financial strength and ability to scale at such a rapid pace create an environment where smaller companies are at a natural disadvantage? You may not be targeting them, but the result is the same—less competition."
Commissioner San Pedro, who had been quietly observing the exchange, leaned forward. His calm but firm tone brought the attention back to him. "Mr. Reyes, let's talk about the future. Given the current trajectory of Reyes Corporation, do you foresee any major changes in your company's approach to acquisitions or market strategies in the next few years?"
Michael paused for a moment, carefully considering his response. "Commissioner, Reyes Corporation's strategy has always been based on identifying opportunities that align with innovation and consumer needs. Our acquisitions have been driven by the goal of enhancing competition, not stifling it. Moving forward, we will continue to focus on sectors where we can bring value through technological advancements and operational efficiency. But we'll also remain mindful of the concerns raised here today. Transparency and ethical practices will continue to guide our decision-making."
"That's reassuring to hear. Well, are there any questions?" Commissioner San Pedro surveyed the room, waiting for any final thoughts or questions from his colleagues. The other commissioners exchanged glances but remained silent. It seemed the primary concerns had been addressed, and there were no further inquiries.
"Mr. Reyes, it appears we have no additional questions for today. I want to thank you for your detailed responses and the transparency you've provided throughout this session."
Michael gave a small nod of acknowledgment, grateful the hearing had gone as smoothly as it had, though he knew this was only the beginning.
"As this concludes the questioning for today," San Pedro continued, "the panel will now adjourn to review the information you've provided, as well as the data and documents submitted by your legal team. We will be in touch once a date has been set for our next session, should further clarification be required."
The commissioners began gathering their papers, signaling the formal end of the proceedings,