MANILA, March 30 (PNA) -- The Philippine Competition Commission (PCC) has reminded firms with mergers and acquisitions (M&A) deals valued at PHP1.0 billion and above to notify the commission before Aug. 9, 2017.
During the PCC press conference for the first quarter of 2017 on Thursday, PCC Commissioner Stella Luz Alabastro-Quimbo said the agency will start to impose administrative and criminal penalties as soon as the transitory period expires.
Under the Philippine Competition Act (PCA), companies with M&A transactions of PHP1.0 billion and above are required to notify the PCC for the commission to review the deals.
The PCC has to assure that these M&A deals will not trigger anti-competitive behavior in the local market.
A two-year transitory period was provided to companies with existing large M&A deals to notify the PCC of their transactions.
We understand that there are anti-competitive agreements that have already been in existence before the law was passed. We are giving firms the chance to restructure their businesses or renegotiate their agreements in order to be sure that they comply with the law, said Quimbo.
That transitory period is about to end. They need to already act on this soon.
To date, the commission has received 88 M&A notification filings, according to PCC chairman Arsenio Balisacan.
Balisacan added that the PCC has zero backlogs on merger reviews with an average period of 64 days for determination of sufficiency and phase one review.
It is significantly faster compared to the process of competition agencies in other countries or jurisdictions, the PCC chief said. (PNA)
Source: Philippines News Agency