PCC raises M&A deal size thresholds
The Philippine Competition Commission (PCC) has raised the thresholds for mandatory notification of mergers and acquisitions (M&As), allowing more deals to proceed without prior review by the antitrust regulator.
In a statement on Monday, the PCC said companies would only be required to notify the commission of merger or acquisition deals if the size of the party exceeds P9.1 billion and the size of the transaction reaches at least P3.8 billion.
These new thresholds mark an increase from the previous levels of P8.5 billion for party size and P3.5 billion for deal size. These levels also apply to joint venture transactions, according to the PCC.
The updated figures took effect on March 1.
“The adjustment ensures that the notification thresholds reflect inflation, economic growth and prevailing market conditions,” the commission said.
The antitrust body added that the move was meant to ensure that it could focus its resources on transactions more likely to significantly affect competition in Philippine markets.
According to the PCC, the latest adjustment was based on the nominal gross domestic product growth of the previous calendar year, which was then rounded up to the nearest hundred million pesos.
In 2025, the Philippine economy expanded by 4.4 percent, down from 5.7 percent a year earlier.
As part of its mandate, the PCC reviews M&As to ensure that these transactions do not result in a substantial lessening of competition.
However, it still has the authority to review transactions below the thresholds if there are indications that a deal could harm competition.
“By maintaining transparent and responsive notification thresholds, the Commission promotes regulatory certainty for businesses while safeguarding competitive market structures and protecting consumer welfare in the Philippines,” it said.
According to the latest available data from the PCC, it received 29 merger notifications in 2024 worth more than P809 billion, with 17 transactions approved during the year.
