The Philippine Competition Commission (PCC) is suspending the acceptance and evaluation of merger notifications with its offices minimally staffed while Metro Manila is under enhanced community quarantine.
The PCC, in a resolution Monday, March 16, announced it will suspend acceptance of new notification forms and letters of non-coverage, as well as the evaluation of the sufficiency of the notification forms and letters of non-coverage that have already been submitted to the commission.
The 30-day deadline to submit merger notifications will also be frozen, with notifying parties given the remaining balance of the notification period when regular operations resume.
Companies have 30 days to submit merger notifications to the PCC after signing definitive agreements. They face fines of up to P2 million (US$38,736) if they fail to do so.
PCC merger processes were declared suspended between March 16 to April 14, 2020, or until the community quarantine is lifted.
“Regular operations of the PCC will resume as soon as the NCR-wide quarantine has been lifted,” the PCC said in the statement.
The Commission will continue to attend pre-notification consultations and other inquiries through e-mail or conference calls.
Full Content: MSN
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