PHILIPPINES Law and Practice Contributed by: Raoul Angangco, Sylvette Y. Tankiang, Kristin Charisse C. Siao and Ma. Carla Mapalo, Villaraza & Angangco
The submission must be in English. Certifica - tions must be notarised, and consularised or apostilled if executed abroad. 3.6 Penalties/Consequences of Incomplete Notification Incomplete notifications will not be deemed filed and will not stop the running of the 30-day period after execution of the definitive agreement within which the parties are required to file. Failure to complete the notification will result in it being deemed unfiled and subject the parties to the penalties for a failure to notify. 3.7 Penalties/Consequences of Inaccurate or Misleading Information The Notification Form includes a certification that the information and all appendices and attachments are complete, true and correct to the best of the ability of the authorised repre - sentative of the party filing the notification. If the party is deemed to have supplied incorrect or misleading information, the PCC may, after due notice and hearing, impose upon the party a fine of up to PHP1.1 million. The party may also be liable for perjury. Supply of incorrect or misleading information has been defined to mean: • providing information that is false, inaccurate or erroneous; or • omitting, concealing or failing to make known information reasonably likely to be relied upon by the PCC in the performance of its offi - cial functions, provided that such omission, concealment or failure may mislead, tend to mislead, or otherwise create a false impres - sion on the PCC. Where the incorrect or misleading information is supplied in written or printed form, supply of
such information in any single document will constitute one violation. The PCC has yet to issue a decision fining a party for having supplied inaccurate or mislead - ing information. If the information is unclear or incomplete, the PCC usually requests the parties Upon submission of the notification, the PCC will conduct a sufficiency check over a 15-day peri - od (“Sufficiency Period”) to determine whether it has sufficient information to conduct a Phase 1 review. If the PCC requests further information about the transaction, the parties will have 15 days to provide this information. The PCC will assess compliance with the request for further information within the period remaining from the Sufficiency Period (with the remaining peri - od calculated from the issuance of the request for further information), which in no case will be less than five days. If the PCC determines that the information is sufficient, the parties will be required to pay a filing fee. Phase 1 The Phase 1 review period will commence on the first business day following the date of pay - ment of the filing fee and will last for a maximum period of 30 days. The Phase 1 review involves an initial assessment by the PCC to determine whether the transaction raises any competition concerns under the PCA that would warrant a more detailed review. If no competition concerns are raised at this stage, the transaction will be approved by the PCC within the Phase 1 review period. However, if, for any reason, the PCC identifies competition concerns during the Phase 1 review or determines that it has insufficient information to provide clarifications. 3.8 Review Process
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