MANILA - The country's antitrust watchdog said Monday it raised the size of planned mergers and acquisitions that will require reporting to reflect the growth of the economy.
Firms worth least P2 billion are required to report transactions to the Philippine Competition Commission. Deals worth at least P5 billion will also require that the PCC be notified, the body said in a statement.
The previous reporting threshold for the value of transactions was set at P1 billion.
"Adjusting the thresholds requires a delicate balance to make sure that it’s not too low as to create an undue burden on business, and that it’s not too high that transactions with potential anti-competitive effects in the market evade the scope of antitrust reviews," said PCC Chairman Arsenio Balisacan.
The new regulations also call for the automatic adjustment of the threshold every year starting March 2019.
Last month, the PCC voided businessman Dennis Uy's acquisition of a Dutch holding company that held a majority stake in Negros Navigation Co, the parent of shipping firm 2GO, for failing to disclose the transaction to the body.