The Philippine Competition Commission (PCC) has cleared the proposed joint venture between Ayala Corporation and Mitsubishi Corporation, which will be implemented through Mitsubishi’s acquisition of a 50 percent stake in Ayala’s AC Ventures Holding Corp.
Following the transaction, AC Ventures will be jointly controlled by Ayala and Mitsubishi.
On 3 July 2025, the Commission ruled that Mitsubishi’s investment in AC Ventures would not significantly reduce competition in the market for Quick Response (QR) code-based digital payments to merchants.
AC Ventures serves as Ayala’s venture capital arm and holds investments in Globe Fintech Innovations, Inc. (Mynt), the parent company of GCash operator G-Xchange Inc., and digital microlender Fuse Lending.
The PCC noted that GCash currently holds only a small market share in QR-based person-to-merchant payments, and highlighted the government's strong push for interoperability among digital payment systems across the country.
While Mitsubishi also indirectly owns Lawson Philippines, a convenience store chain that accepts QR code-based payments, the Commission stated that the company’s limited local presence means the deal is unlikely to result in a substantial lessening of competition.
“Person-to-merchant payments, through the use of QR codes, enables businesses to accept digital payments from consumers for goods and services that the business sells,” the Commission explained.
Ayala is a major Philippine conglomerate with holdings in banking, telecommunications, and real estate. Mitsubishi, Japan’s largest trading company, operates globally across various sectors including energy and urban development.
Under the Philippine Competition Act, the PCC is mandated to review mergers and acquisitions to ensure such deals do not negatively impact market competition.