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June 19, 2024

Anti-trust body approves Bancnet-PCHC merger

The Philippine Competition Commission (PCC), the government’s anti-trust body, approved the merger between Bancnet Inc. and Philippine Clearing House Corp. (PCHC).

The PCC accepted voluntary commitments from the parties, allowing the transaction to proceed with strict compliance conditions, including reducing service downtime.

The merger addresses concerns about potential competition issues, with the PCC emphasizing operational efficiency, security, and risk management.

The approval is viewed as a vote of confidence in regulatory bodies, including the PCC and the Bangko Sentral ng Pilipinas.