PCC OKs Mitsubishi entry into Ayala’s venture arm

Upgrade to High-Speed Internet for only ₱1499/month!

Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.

Visit Suniway.ph to learn

August 2, 2025 | 12:00am

MANILA, Philippines — The Philippine Competition Commission (PCC) has approved the proposed joint venture between conglomerate Ayala Corp. (AC) and Mitsubishi Corp.

In a statement yesterday, the PCC said Mitsubishi’s acquisition of a 50-percent stake in Ayala’s venture capital arm AC Ventures Holding Corp. is not expected to significantly reduce competition in the relevant market for the provision of Quick Response (QR) code-based digital payments to merchants.

AC Ventures holds investments in Globe Fintech Innovations Inc., the parent firm of GCash operator G-Xchange Inc. and tech-based micro lender Fuse Lending.

The PCC cited in its decision that GCash holds a small market share in QR-based person-to-merchant payments.

It also said the government’s push for interoperability in QR-based payments across the country.

While Mitsubishi indirectly owns convenience store chain Lawson Philippines, which accepts QR code-based payments from consumers, the PCC said the firm’s limited presence in the relevant market is unlikely to lead to reduced competition.

Businesses can accept digital payments from consumers through QR codes.

AC, the country’s oldest conglomerate, has interests in banking, real estate and telecommunications.

Mitsubishi, which is Japan’s largest trading company, is involved in energy, urban development and other industries.

Under the Philippine Competition Act, the PCC is mandated to review mergers and acquisitions.

The PCC review aims to ensure transactions will not lead to reduced competition and harm consumer welfare.