The Philippine Competition Commission (PCC) has approved Japan’s MUFG Bank Ltd.’s acquisition of a minority stake in consumer financing firm JACCS Co., Ltd., clearing the way for the Japanese lender to strengthen its foothold in the Philippine consumer finance market.
JACCS, which established JACCS Finance Philippines Corp. in 2016, initially focused on loans for Mitsubishi vehicles but has since broadened its portfolio to capture a larger slice of the country’s retail lending market.
The transaction, approved on Aug. 12, 2025, grants MUFG direct and indirect ownership under a Capital and Business Alliance Agreement.
MUFG also holds a 20% stake in Security Bank, which operates SB Finance, and an 8% stake in Mynt, the fintech behind GCash.
The PCC’s review of the unsecured cash loan market by non-bank financial institutions (NBFIs) found no threat to competition. “MUFG and JACCS have no incentive to lower loan quality, since such a move would push customers away and undercut growth plans,” the commission said.
The regulator also examined secured loans for high-powered motorcycles (400cc and above), concluding the market remains competitive. Multiple banks and NBFIs operate nationwide, while digital platforms and growing demand for premium bikes make entry and expansion easier. Rate- and service-sensitive buyers ensure lenders compete aggressively on both price and service.
“With this decision, the PCC preserves competitive conditions in consumer finance and vehicle loans while MUFG and JACCS pursue strategic growth—protecting consumer choice and keeping the competitive process intact,” the watchdog said.
