THE Philippine Competition Commission (PCC) said Friday that it will conduct a "comprehensive review" of the P69-billion acquisition by the two telecommunications companies of San Miguel Corporation's telecom assets.
PCC said it sent separate letters addressed to Globe Telecom and PLDT informing them of the review to be undertaken.
"We assessed the new submissions of the parties, and based on the totality of information available to us, including public statements made by the parties, we believe there is a basis to conduct this review by virtue of the powers granted to the Philippine Competition Commission (PCC) by the Philippine Competition Act (PCA)," the newly created body said in a statement.
Memoranda Circulars 16-001 and 16-002 are transitory in nature and do not dilute the authority of the PCC to conduct substantive review under PCA, especially where national interest and public policy require it.
"A comprehensive review includes a determination of the relevant market, whether there will be substantial changes to the market structure, and the potential impact of the transaction on public welfare," PCC said.
It said the review aims to ensure that the transaction will result in sustained gains for the public by not restricting competition. (SDR/Sunnex)