On 3 June 2016, the Philippine competition authority published the implementing rules and regulations of the Philippine Competition Act of 2015.
The new rules mark the final stage of the development of the country’s first comprehensive antitrust regime, with the obligation to obtain merger control clearance now an essential consideration for both local and international parties.
Under the rules, a filing is triggered where:
- annual turnover in, into or from the Philippines, or value of assets in the Philippines of at least one party (buyer or target, including their group) exceeds PhP1 billion (approximately USD 21.5 million) AND
- the value of transaction exceeds PhP 1 billion. Calculation of this threshold depends on the location of the target assets (read here in full).
The rules will come into force on 18 June 2016.