MANILA - Neither Grab nor Uber has notified the Philippine Competition Commission (PCC) over their deal which is supposedly the biggest of its kind in Southeast Asia, the anti-trust regulator said Monday.
Grab announced Monday it has bought Uber's business in Southeast Asia, with Uber getting a 27.5 percent share in Grab.
Under the Philippine Competition Act, the deal may need clearance from the PCC to ensure that it will not result in a monopoly, price fixing, and unfair trade practices.
"If the parties meet the new threshold, now set at P2B for Size of Transaction and P5B for Size of Party, they should notify at the PCC within 30 days after signing of their definitive agreement," said PCC chairman Arsenio Balisacan in a statement sent to the media.
Earlier this year, the PCC voided businessman Dennis Uy's acquisition of a Dutch holding company that controlled Negros Navigation, for failing to disclose the transaction to the body.