PCC Provisionally Adjusts the Notification Thresholds

On 13 September 2022, the Philippine Competition Commission (“PCC”) issued Commission Resolution No. 18-2022 which provisionally adjusts the notification thresholds based on Philippine Statistics Authority’s official estimate of the nominal Gross Domestic Product growth until the approval by the Commission en banc of new thresholds for compulsory notification. 

Pursuant to Section 4 (eee) of Republic Act No. 11494 otherwise known as the Bayanihan to Recover as One Act, all mergers and acquisitions with transaction values below Fifty Billion Pesos (PhP 50,000,000,000.00) shall be exempt from compulsory notification if entered at any time between 15 September 2020 until 15 September 2022. With the lapse of the two-year period providing for higher notification threshold, parties to a merger or acquisition shall be required to provide notification based on the following thresholds effective 16 September 2022: 

1. The Size of Party exceeds Six Billion One Hundred Million Pesos (PhP 6,100,000,000.00); and 

2. The Size of Transaction exceeds Two Billion Five Hundred Million Pesos (PhP 2,500,000,000.00). 

The revised Size of Party and Size of Transaction shall also apply to joint venture transactions under Rule 4, Section 3(d) of the implementing rules and regulations of the Philippine Competition Act.