PCC clears Ayala’s additional stake in iPeople

The Philippine Competition Commission (PCC) has approved Ayala Corporation’s acquisition of an additional 2.8 percent equity stake in education holding company iPeople, Inc. from A. Soriano Corporation (Anscor), ruling that the transaction will not harm competition in relevant markets.

In a decision issued on 29 July 2025, the PCC said the purchase, made through a special block sale, will raise Ayala’s ownership in iPeople from 33.5 percent to 36.3 percent, while Anscor’s holdings will drop to 6 percent.

Ayala, one of the country’s largest conglomerates, has businesses spanning real estate, banking, telecommunications, and energy. iPeople, jointly owned by House of Investments and Ayala, manages schools including Mapua University through Malayan Education System, Inc. Anscor, meanwhile, is a holding company with local and international investments.

The PCC’s Mergers and Acquisitions Office (MAO) began its Phase 1 review of the deal on 13 June 2025 to evaluate possible competition concerns under the Philippine Competition Act. The review looked into vertical relationships between the companies, including markets for retail electricity, broadband services, retail payment channels, insurance, commercial leasing, and construction.

The MAO also assessed potential overlaps involving medical coverage and construction services across key regions such as Davao del Sur, Camarines Sur, Laguna, Cavite, and Metro Manila.

After analyzing submissions from the parties and feedback from third parties, the PCC concluded that the transaction will not substantially lessen competition. It cited the companies’ minimal to negligible market shares, the presence of numerous competitors capable of absorbing switching customers, and the continued dominance of larger players in the market.

Under the Philippine Competition Act, the PCC is mandated to review mergers and acquisitions to prevent deals that could weaken competition or undermine consumer welfare.