The Philippine Competition Commission is an independent quasi-judicial body created by Republic Act No. 10667, the Philippine Competition Act, to implement the national competition policy and attain the objectives and purposes of the law. It is composed of a Chairperson and four (4) Commissioners. The Chairperson and the Commissioners shall be citizens and residents of the Philippines, of good moral character, of recognized probity and independence and must have distinguished themselves professionally in public, civic or academic service in any of the following fields: economics, law, finance, commerce or engineering. They must have been in the active practice of their professions for at least ten (10) years, and must not have been candidates for any elective national or local office in the immediately preceding elections, whether regular or special. At least one member shall be a member of the Philippine bar with at least 10 years of experience in the active practice of law, and at least one member shall be an economist. The Chairperson and the Commissioners who shall have the rank equivalent of cabinet secretary and undersecretary, respectively, shall be appointed by the President. (Secs. 5 and 6, R.A. No. 10667, Philippine Competition Act)