A consumer advocate asked the Philippine Competition Commission (PCC) to investigate and divulge the details of Meralco PowerGen Corp.’s (MGen) and Therma Natgas Power Inc.’s plan to acquire 67-percent stake in three other power firms.
The advocate, in a letter to the Merger and Acquisitions Office (MAO) of the Philippine Competition Commission (PCC), expressed fear that the proposed acquisitions might have been “considered approved without participation of the public”.
He was inquiring about the status of the offers of MGen and Therma to acquire 67-percent equity interest in South Premier Power Corp., Excellent Energy Inc. and Ilijan Primeline Industrial Estate, as well as the proposed acquisition of shares by MGen, Therma and San Miguel Global Power Holdings Corp. in Linseed Field Corp.
He said the PCC informed him earlier through a letter dated Aug. 15, 2024 that the agency’s MAO was conducting a “phase 1” review of MGen’s and Therma’s proposal.
“Given the time that has already elapsed since the aforementioned letter, I would like to respectfully inquire about the status of the review on the acquisitions,” the consumerist said in his letter to the MAO.
“As a consumer rights advocate, I am particularly concerned that the Acquisitions may be considered approved without participation of the public,” the letter added.
Seeking documents and records on the issue, he invoked a PCC mandate to “actively engage market stakeholders including consumers, in order to understand market dynamics and its potential impacts.”
“I believe that it is necessary to have copies of these records insofar as the law allows, as preparation for call for comments to the public should the review extend to Phase 2,” it said.
The letter said that under the PCC rules on the merger process, the agency may “share the non-confidential versions of submissions with the merger parties or third parties
“Unless there is a claim of confidentiality, it will be presumed that none of the information contained in a party’s submission is confidential,” the advocate said.
