PCC restores 30-day merger notification rule
Firms pursuing mergers and acquisitions will again have 30 days from signing their definitive agreements to notify the Philippine Competition Commission (PCC), following the lifting of a pandemic-era rule suspension.
Under Memorandum Circular No. 26-004, the antitrust watchdog is reinstating the 30-calendar-day notification period for transactions that meet the applicable thresholds and are subject to mandatory merger review.
This restores a deadline that was waived under interim guidelines issued in May 2021 during the COVID-19 pandemic. At the time, the waiver allowed companies to file their notification forms at any time after signing a definitive agreement, provided this was done before the deal was finalized.
Citing the lifting of the state of public health emergency in 2023, the PCC said it saw the need to restore a definite timeline to ensure the “efficient and equitable review” of mergers and acquisitions.
For definitive agreements signed once the new rules take effect on Oct. 3, parties must file their notification forms within 30 calendar days of signing.
Companies that signed definitive agreements while the interim guidelines were still in effect, meanwhile, will be given a 90-day transition period from the effectivity of the new rules to notify the PCC, provided the transaction has not yet been finalized.
The PCC also said its rules on expedited merger review would remain suspended while the commission revisits its existing rules and guidelines.
The resumption of the 30-day deadline comes as the competition watchdog separately moves to digitize its legal and administrative processes.
In an earlier memorandum, the PCC adopted new rules requiring parties to competition proceedings to submit official documents electronically through designated online facilities and email channels. However, corresponding hard copies must still be filed within the prescribed period.
The rules, which also take effect on Oct. 3, allow videoconferencing as an alternative to in-person proceedings, either at the PCC’s initiative or upon a party’s request.
PCC offices may likewise conduct interviews and meetings through Microsoft Teams or equivalent platforms. It prohibited the use of artificial intelligence accounts by participants in these meetings.
“By digitalizing its administrative processes, the PCC advances its statutory mandate to enforce the Philippine Competition Act with greater speed, rigor and accessibility,” the commission had said.
