The Philippine Competition Commission (PCC), the anti-trust watchdog in the country, announced it has cleared the proposed joint venture between Ayala Corporation (Ayala) and Mitsubishi Corporation (Mitsubishi).
The transaction will be implemented through Mitsubishi’s acquisition of a 50 percent stake in Ayala’s AC Ventures Holding Corp. (AC Ventures). Post-transaction, AC Ventures will be jointly controlled by both parties.
On 3 July 2025, the Commission determined that Mitsubishi’s investment in AC Ventures would not significantly reduce competition in the relevant market for the provision of Quick Response (QR) code-based digital payments to merchants.
AC Ventures is Ayala’s venture capital arm, which holds investments in Globe Fintech Innovations, Inc. (Mynt), the parent company of GCash operator G-Xchange Inc. and tech-based microlender Fuse Lending.
The Commission cited in its decision the small market share held by GCash in the provision of QR-based Person-to-Merchant payments, as well as the strong governmental push for interoperability in QR-based payments across the country.
While Mitsubishi indirectly owns convenience store chain Lawson Philippines, which accepts QR code-based payments from consumers, the Commission said it has limited presence that the transaction would not result in substantial lessening of competition. Person-to-merchant payments, through the use of QR codes, enables businesses to accept digital payments from consumers for goods and services that the business sells.
Ayala is a major Philippine conglomerate with diverse interests, including banking, real estate, and telecommunications. Mitsubishi is Japan’s largest trading company, with global operations spanning energy, urban development, and various other industries.
The Philippine Competition Act mandates the PCC to review mergers and acquisitions to ensure transactions do not lead to a substantial lessening of competition in relevant markets.
