Competition watchdog clears Permafrost stake in CAMP
The Philippine Competition Commission (PCC) cleared the acquisition of a majority stake in local cold storage firm CAMP Resources Property Holdings Inc. by Singapore-based Permafrost Investments GMF2 Pte. Ltd.
The antitrust body said the transaction won’t hinder competition in the Philippine market.
“The Commission found that the transaction is unlikely to substantially lessen competition, citing the presence of multiple providers and a fragmented market structure,” the PCC said in a statement on Friday.
According to the PCC, the clearance confirms the existence of “sufficient competitive constraints” in the relevant market, enabling both parties to undertake their respective strategic plans.
The transaction was announced last May 27. CAMP Resources is a local holding company that operates cold storage facilities in Rizal, Bulacan, Laguna and Pangasinan.
The PCC approved the transaction on Aug. 27 but announced its decision only on Friday, saying the decision aligns with its mandate to promote fair, efficient and competitive market outcomes.
Under the Philippine Competition Act, the PCC is mandated to review mergers and acquisitions to ensure such transactions do not substantially reduce competition in relevant markets or harm consumer welfare.
The independent quasi-judicial body is responsible for ensuring fair market competition by protecting consumer welfare through access to a wider choice of goods and services at lower prices and promoting a competitive business environment by enforcing relevant rules.
Among others, the PCC reviews mergers and acquisitions, investigates and adjudicates antitrust cases, imposes sanctions and penalties, conducts economic and legal research on competition-related matters and issues advisory opinions.
