Metro Manila (CNN Philippines, January 6) – The Philippine Competition Commission (PCC) gave its thumbs up to Hong Kong-based insurance company AIA Group Ltd.’s proposed acquisition of MediCard Philippines Inc.
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PCC said in a decision Friday that the transaction would unlikely pose competition issues in the medical coverage sector as existing health plan companies continue to present “substantial competitive constraints on the merged firms.”
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“There will be no significant shift in the share of the parties in the market and the number of players will remain unchanged post-transaction,” the decision stated, as cleared by PCC OIC Chairperson Johannes R. Bernabe, Commissioners Emerson B. Aquende, Marah Victoria S. Querol, and Michael B. Peloton.
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Both parties disclosed the acquisition deal late in September 2022.
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MediCard was among the top health maintenance organizations at the time of the merger, with a 16.93% market share.
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