Provide or answer the following in relation to the Philippine Competition Act:

1. Provide the following:

- the overview of the provision

- the objective of the provision

- when the act was enacted

- implementing bodies

2. Provide the salient features of the act.

3. Provide the penalties mentioned in the Code

4. In your own point of view, as a student discuss the importance of this act and discuss whether such act is now properly observed.