Merger and acquisition (M&A) activity gathered pace in the Philippines in 2025, with the Philippine Competition Commission (PCC) reviewing transactions worth P859.03 billion, reflecting sustained investor appetite for strategic assets even as regulators kept a close watch on market concentration.
The PCC’s 2025 Annual Report showed it received 52 merger notifications last year with a combined value of P859.03 billion, more than tripling the 17 filings recorded in 2024. Total transaction value also climbed from P784 billion a year earlier, suggesting a broader rebound in corporate dealmaking across key industries.
The Commission completed reviews of 35 transactions covering energy, telecommunications, infrastructure, logistics, banking, aviation, retail, and manufacturing—sectors that continue to attract capital amid the country’s long-term growth prospects.
Since the country’s merger control regime took effect in 2016, the PCC has assessed 369 transactions worth approximately P7.51 trillion, highlighting the agency’s expanding role in balancing investment promotion with competition policy. Financial services, manufacturing, energy, real estate, and transportation remained among the most active sectors for consolidation over the past decade.
Among the year’s marquee transactions were Prime Infrastructure’s acquisition of majority stakes in First Gen’s gas-fired power assets and liquefied natural gas terminal, Mynt’s purchase of ECPay, Metro Pacific Agro Ventures’ acquisition of Franklin Baker, Philippine Veterans Bank’s takeover of UCPB Savings Bank, and InLife’s acquisition of Generali Life Assurance Philippines. The PCC also cleared several investments in cold-chain logistics, signaling continued investor interest in supply chain and food security infrastructure.
The sharp rise in notifications suggests companies are increasingly pursuing acquisitions as a faster route to expansion while navigating a more competitive business environment.
PCC said the growing deal pipeline also underscores the importance of ensuring consolidation enhances efficiency and investment without undermining competition in industries critical to the Philippine economy.
