PHILIPPINES Law and Practice Contributed by: Raoul Angangco, Sylvette Y. Tankiang, Kristin Charisse C. Siao and Ma. Carla Mapalo, Villaraza & Angangco
• information that relates to the business of any of the merger parties but is not commer - cially sensitive in the sense that its disclosure would cause harm to the business; • information that reflects the merger parties’ views of how the competitive effects of the merger could be analysed; and • information that is general knowledge within the industry, or that would likely be verified by any diligent market participant or trade, finance or economic expert. 7.4 Co-Operation With Other Jurisdictions At any time before the case is submitted for decision, the PCC may consult a sector regula - tor or other relevant government agencies from foreign jurisdictions, if appropriate. Information, including documents, will not be communicated or made accessible by the PCC, insofar as it contains trade secrets or other con - fidential information, the disclosure of which is not considered necessary by the PCC for the purpose of the review. If a transaction is under review in multiple jurisdictions, parties to the transaction may waive the confidentiality pro - tections contained to allow the PCC to exchange otherwise protected information with competi - tion authorities in other countries. 8. Appeals and Judicial Review 8.1 Access to Appeal and Judicial Review Parties to the merger may file a motion for recon - sideration of a decision, order or resolution of the PCC within 15 days from receipt thereof. A motion for reconsideration will be based on either of the following grounds:
• the evidence on record is insufficient to justify the decision, order or ruling; or • the decision, order or ruling is contrary to law. 8.2 Typical Timeline for Appeals A final order or decision of the PCC will be appealable to the Court of Appeals within 15 days from the notice of the final order or deci - sion in accordance with the Rules of Court. The appeal will not stay the final order or decision, unless the Court of Appeals will direct otherwise upon such terms and conditions as it may deem just. In the appeal, the PCC will be included as a party respondent to the case. There have been successful appeals of deci - sions of the PCC. The Court of Appeals reversed the decision of the PCC and upheld the legal - ity of the co-acquisition by PLDT Inc and Globe Telecom Inc, two of the biggest telecommunica - tions providers in the Philippines, of the telecom - munications assets of San Miguel Corp. 8.3 Ability of Third Parties to Appeal Clearance Decisions As a general rule, third parties cannot appeal a decision clearing a transaction. The PCC may also initiate and conduct a fact-finding or pre - liminary inquiry for the enforcement of the PCA upon a verified complaint filed by an interested party.
9. Foreign Direct Investment/ Subsidies Review
9.1 Legislation and Filing Requirements The Philippines does not have foreign direct investment or foreign subsidies legislation that requires separate filings other than those required under the PCA.
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