The Philippine Competition Commission (PCC) has once again adjusted upward the thresholds for mandatory notification of merger and acquisition (M&A) deals, ensuring that transactions reflect prevailing market conditions.

In a statement on Monday, March 2, the PCC said M&A deals that require notification to the country’s antitrust watchdog have now been set at ₱9.1 billion for size of party (SOP) and ₱3.8 billion for size of transaction (SOT), starting March 1.

The updated thresholds will replace the previous SOP of ₱8.5 billion and SOT of ₱3.5 billion, which were in effect from March 1, 2025, to Feb. 28, 2026.

SOP pertains to combined value of assets or revenues of the ultimate parent entity of either party involved in the deal, while SOT refers to total value of assets or revenues of the acquired entity, alongside its controlled entities.

To be subject to compulsory notification to the PCC, both the SOP and SOT thresholds must be met.

Notifications filed for deals before March 1 of this year, as well as ongoing M&A reviews and those already decided by the PCC, are not covered by the new thresholds.

Under the Philippine Competition Act (PCA), the PCC is authorized to determine and adjust the thresholds annually to reflect inflation, economic growth, and current market conditions.

The commission said the increases, which mark the ninth adjustment since the PCA was enacted in 2015, used the previous year’s nominal gross domestic product (GDP) growth as the basis.

The PCC said raising the notification thresholds ensures that its resources are effectively allocated toward transactions that are “more likely to have a substantial impact” on competition.

Pursuant to its mandate, the PCC reviews notifiable transactions to ensure that M&A deals do not result in a substantial lessening of competition.

“By maintaining transparent and responsive notification thresholds, the commission promotes regulatory certainty for businesses while safeguarding competitive market structures and protecting consumer welfare in the Philippines,” the PCC said.

For deals below the notification thresholds, the PCC may opt to initiate a motu proprio review if it suspects a deal could significantly harm competition or if preliminary findings show harm.

PCC Chairperson Michael Aguinaldo said earlier this year that the commission reviewed 27 transactions with an aggregate value of ₱518 billion in 2025.

This represented a 34-percent decline in total transaction value compared with 17 deals worth ₱784 billion in 2024.