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Competition body resumes merger evaluations under relaxed lockdown

competition body resumes merger evaluations under relaxed lockdown 816x445 - Competition body resumes merger evaluations under relaxed lockdown

THE Philippine Competition Commission (PCC) said it is resuming some mergers and acquisitions evaluations during the modified enhanced community quarantine (MECQ).

PCC said in a statement Monday that it resumed processing letters of non-coverage and the sufficiency of notifications that have been submitted to the commission.

The commission also resumed accepting new notification forms, as well as new letters of non-coverage for transactions that are not covered by compulsory notification but are required by government agencies for notification.

Expedited review notification forms will not yet be accepted.

PCC at the start of the lockdown in March suspended the acceptance and evaluation of merger notifications, after it adopted minimal staffing in its office in Metro Manila.

The commission on Monday said that it adopted new interim guidelines for the processes, which will apply for the duration of the MECQ.

Under these guidelines, submissions to the mergers and acquisitions office (MAO) may be done online through the commission’s website. Documents uploaded after their work hours of Monday to Friday 8 a.m. to 5 p.m. will be considered submitted the following business day.

Parties submitting documents to the PCC must also submit written consent signed by their authorized signatory, granting PCC staff permission to access the documents. Signatories may use electronic signatures.

“Documents that must be executed and certified under oath which are submitted electronically need not be notarized; provided, that parties shall submit a certification setting forth the reason for their failure to have the documents notarized, together with an undertaking to submit notarized copies.”

The hard copies and USB copies of the documents must be submitted to the PCC office within seven working days after the MECQ is lifted over the area where the PCC office is found. New submissions for letters of non-coverage should include a certification from the government agency that has required the notification.

The 30-day merger notification deadline will continue to be frozen during the MECQ.

The MAO will conduct their pre-notification consultations and respond to questions via e-mail. — Jenina P. Ibañez

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