The Philippine Competition Commission (PCC) says it suspended its collection of fees for requests seeking its opinion on mergers and acquisitions that have not been executed or implemented. Photo from Philippine Competition Commission/WEBSITE
The Philippine Competition Commission (PCC) suspended its collection of fees for requests seeking its opinion on mergers and acquisitions that have not been executed or implemented.
The independent, quasi-judicial body said it issued Memorandum Circular No. 24-001 last August 1, suspending the implementation of section 3.4 of the 2017 PCC rules of procedure that prescribes the rates of filing fees for such kinds of requests.
“The move is intended to encourage voluntary compliance through the use of non-adversarial administrative remedies under the Philippine Competition Act,” the PCC said in a statement Friday.
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Under Section 37(a) of the Philippine Competition Act, any party that is uncertain about the competitive legality of a planned action, behavior, agreement, or decision can seek a binding ruling from the commission.
Under the PCC’s rules of procedure, the requesting party will pay a filing fee equivalent to one to three percent of the value of their assets or annual revenues, whichever is higher.
The fees are assessed based on the complexity of the request, the nature of the business of the entity, and the time to be spent and extent of resources needed in assessing the request.
Other considerations include the possible economic impact of the transaction, the financial capacity of the requesting entity, and the administrative costs.
The PCC is implementing measures to elevate the competition law environment in the country, including the recent launch of its first-ever mandatory continuing legal education (MCLE) program.
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The anti-trust body said they launched the program last November 20 at the University of the Philippines-Bonifacio Global City (UP-BGC) campus with 73 participants.
PCC commissioner Marah Victoria Querol emphasized the importance of advancing knowledge in competition law.
The PCC’s inaugural program covers a wide range of subjects, including an overview of the economics of the competition laws and the Philippine Competition Act.
The topics also include the use and assessment of evidence in competition law enforcement, strategies and techniques in managing compliance in commercial agreements, and negotiating settlements in competition enforcement.
Other important topics are ethical issues in mergers and acquisition transactions, competition in the digital market, competition law and procurement law, and competition in labor markets.
Also included are alternative dispute resolution, competition law in free trade agreements, and updates on code of professional responsibility and accountability, among others.