The Philippine Competition Commission (PCC) has cleared the proposed acquisition by Ayala Corporation (Ayala) of an additional equity stake in iPeople, Inc. (iPeople) from A. Soriano Corporation (Anscor) through a secondary share agreement.
On 29 July 2025, the Commission determined that Ayala’s proposed purchase of an additional 2.8 percent shares in iPeople through a special block sale would not substantially reduce competition in the relevant markets.
Post-transaction, Ayala’s ownership in iPeople would increase from 33.5 to 36.3 percent, while Anscor’s would be reduced to 6 percent.
Ayala is a major Philippine conglomerate with diverse interests in real estate, financial services, telecommunications, and power. iPeople, a holding company owned by House of Investments, Inc. and Ayala, operates educational institutions like Mapua University through Malayan Education System, Inc. Anscor is a holding company with investments in companies operating both locally and internationally.
On 13 June 2025, the PCC Mergers and Acquisitions Office (MAO) commenced a Phase 1 review of the proposed transaction to determine if it would raise competition concerns under the Philippine Competition Act (PCA).
The MAO found that the parties have existing vertical relationships, which refer to connections between companies at different levels of the distribution or production chains, in the following relevant markets: retail electricity supply on a nationwide basis; provision of retail payment channel facilities on a nationwide basis; commercial leasing in Davao del Sur, Camarines Sur, Laguna, Cavite, and the National Capital Region; provision of fire and allied risks, motor car, casualty, and suretyship non-life insurance products on a nationwide basis; and the provision of fixed broadband services on a nationwide basis.
The MAO also assessed possible vertical relationships post-transaction involving the provision of medical coverage products on a nationwide basis and the provision of commercial construction services in Davao del Sur, Camarines Sur, Laguna, Cavite, and the National Capital Region.
After reviewing submissions from the parties and third-party feedback, the Commission has concluded that the proposed transaction would not result in a substantial lessening of competition in the relevant markets due to the parties’ limited to negligible market shares in each of the relevant markets, the presence of a sufficient number of competitors that have the capacity to absorb switching customers, and the presence of remaining market players with larger market shares, ensuring that the market will continue to exhibit robust competition.
The PCA mandates that the PCC review mergers and acquisitions to ensure these deals do not substantially lessen competition in relevant markets or harm consumer welfare.
