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Manila Bulletin devider Business devider Trade & Industry devider PCC clears GCMC joint venture with Navegar, Leapfrog

PCC clears GCMC joint venture with Navegar, Leapfrog

Published Feb 23, 2026 12:40 pm
The Philippine Competition Commission has cleared a joint venture between local hospital operator GCMC Holdings Inc. and two Singapore-based private equity firms, signaling a green light for a strategic expansion of healthcare services across the archipelago.
In a statement on Monday, Feb. 23, the PCC said it approved the joint venture between GCMC Holdings Inc., Navegar II (Singapore) Pte. Ltd., and Leapfrog Emerging Consumer Fund IV, LP last month.
The country’s antitrust watchdog cleared the partnership following a phase one review, which determines if a transaction may substantially lessen competition.
The PCC, through its Mergers and Acquisitions Office (MAO), found no horizontal overlaps or vertical relationships between the three parties.
The review found that GCMC and Navegar II operate in non-overlapping market segments, while Leucadendron, an investment holding company involved in the deal, currently has no operations in the Philippines.
“The transaction does not affect market positions or competitive dynamics in any relevant market,” the PCC said.
With approval, the joint venture is expected to enhance GCMC’s clinical operations and standards, and expand access to quality care.
The partnership also aims to accelerate the growth of its hospital network as a prominent regional healthcare provider.
GCMC is a holding company that operates hospitals that offer a wide range of medical services across the country, including diagnostic services and the distribution of pharmaceuticals and medical equipment.
Meanwhile, Navegar II Singapore is a private equity firm with diverse investments in various local businesses and industries.
Singapore-based Leapfrog, also a private equity firm, focuses on high-impact healthcare and financial services investments in global growth markets.
Under the Philippine Competition Act, the PCC reviews mergers and acquisitions, including joint ventures, to ensure they do not harm market competition.
The commission’s review process protects consumer welfare and promotes fair business practices by fostering competitive market conditions, particularly in cross-border investments and strategic partnerships.
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