MANILA — The Philippine Competition Commission (PCC) has expedited the review process for selected merger and acquisition transactions, in line with government’s efforts to ease the process of doing business in the country.
The PCC said the hastened merger review will take 15 days instead of 30 days for transactions that are less likely to substantially prevent, lessen, or restrict competition in their relevant markets effective July 2.
“The expedited merger review demonstrates PCC’s commitment in enabling a conducive regulatory environment for doing business while implementing its legal mandate of guarding against transactions that may substantially lessen competition in the market,” PCC chairman Arsenio Balisacan said in a statement on Tuesday.
Among the transactions that are qualified for the expedited merger review process include: global transaction with Philippines as assemblers or export manufacturers; global transaction with limited presence in the Philippines and joint ventures which were formed purely for the construction and development of a residential and/or commercial real estate development project.
Merging parties may apply for the expedited review within 30 days after signing the definitive agreement on the deal but prior to any acts of consummation, according to the PCC.
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