The Philippine Competition Commission (PCC) said Friday it launched a phase 2 review of Globe Fintech Innovations Inc. (Mynt)’s proposed acquisition of Electronic Commerce Payments Inc. (ECPay).
Mynt, the operator of the GCash e-waller, and ECPay, a leading electronic payment solutions provider, notified the PCC of their transaction on April 23, 2024.
Under the agreement, Mynt will acquire 100 percent of ECPay’s shares, making it a wholly-owned subsidiary.
Following the phase 1 review, the PCC Mergers and Acquisitions Office (MAO) identified potential competition concerns in key markets, including payment services, aggregator services and merchant solutions.
The concerns involve potential impacts on competition in retail and digital payment channels such as sari-sari stores, retail outlets and online payment systems.
As a result, the MAO initiated the phase 2 review on Sept. 19, 2024 to assess whether the transaction could substantially lessen competition in the market. A request for information was issued to the parties on Sept. 18, 2024.
The PCC is now inviting public and stakeholder comments on the potential competitive effects of the acquisition.
Interested parties can submit feedback until Dec. 8, 2024 via the online portal of PCC or by mail to the agency’s office in Quezon City.
The said the public feedback would help assess the potential effects of the acquisition on market competition and consumer welfare.
It said that in line with the Philippine Competition Act, the PCC is committed to ensuring that mergers and acquisitions do not harm competition or consumers in affected markets.
