MANILA, Philippines — The Philippine Competition Commission is set to release mergers and acquisition guidelines this year, including an adjustment of the threshold for transactions that require the antitrust body’s approval.
Under the Philippine Competition Act, parties to merger and acquisition deals above P1 billion must notify the commission about the transaction.
In a forum on Wednesday, PCC Chairman Arsenio Balisacan said the possible adjustment of P1 billion merger notification threshold could happen in the first half of the year.
The potential changes to the P1 billion-threshold form part of a set of mergers and acquisition guidelines and frameworks that the PCC will issue to “create a more efficient merger review process.”
In an en banc decision released this week, the PCC voided the transaction involving the acquisition of Dennis Uy-led Udenna Corp. of Dutch company KGL Investment Cooperatief U.A. for failure to notify the antitrust body of the $120-million deal.
In a statement, Udenna Vice-President for Corporate Affairs Adel A. Tamano said the decision was “unduly harsh and uncalled for.”