The Philippine Competition Commission (PCC) said on Friday, Nov. 22, that it has started the second phase of its in-depth review of the proposed acquisition by Globe Fintech Innovations (Mynt) of shares in Electronic Commerce Payments (ECPay).
Mynt, which operates the GCash e-wallet app, and ECPay, a a provider of electronic payment solutions, notified the PCC of their proposed transaction April 23, 2024.
Under the deal, Mynt will acquire 100% of the issued and outstanding share capital of ECPay, making ECPay a wholly-owned subsidiary of Mynt.
Following its initial review, the PCC’s Mergers and Acquisitions Office (MAO) identified potential competition concerns in several key markets, including payment services, aggregator services, and merchant solutions.
“These concerns involve potential impacts on competition in retail and digital payment channels, such as sari-sari stores, retail outlets, and online payment systems,” the agency said.
“In light of these concerns, the MAO proceeded to Phase II review of the transaction and issued a Request for Information to the parties involved on 18 September 2024. The Phase II review officially commenced on 19 September 2024, with the objective of conducting a more detailed assessment of whether the transaction may substantially lessen competition in the relevant markets,” it added.
In doing the review, the anti-trust body said it wants to ensure that mergers and acquisitions do not substantially reduce competition and harm consumers in affected markets.
As such, the PCC said it is inviting stakeholders and the general public to submit comments on the potential impact of the acquisition.
“Comments should address how the transaction may affect competition, quality, or the availability of services in the relevant markets,” the PCC said.
Interested parties may submit their comments until 8 December 2024 via the following channels:
- Email: Send comments to [email protected] with the subject title “Comments on Mynt and ECPay.”
- Mail: Address comments to the Philippine Competition Commission, 25th Floor, Tower 1, Vertis North Corporate Center, North Avenue, Quezon City 1105.
- Online: Complete the online comment form available at: bit.ly/CFC-Mynt-ECPay
