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Antitrust body approves AIA Philippines' acquisition of MediCard

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ABS-CBN News

<p>MANILA — The Philippine Competition Commission on Friday said it approved the proposed acquisition by AIA Philippines Life and General Insurance Co Inc (AIA Philippines) of 100 percent shares in MediCard Philippines Inc. <br/> <br/>In a decision released on Friday, the PCC said it found that the proposed takeover would not result in a substantial reduction of competition in the market for individual and group health or medical coverage. </p><p>“There will be no significant shift in the share of the parties in the market and the number of players will remain unchanged post-transaction,” the decision stated, which was cleared by PCC officer-in-charge Chairperson Johannes Bernabe, Commissioners Emerson Aquende, Marah Victoria Querol, and Michael Peloton. <br/> <br/>Medicard holds an estimated 16.93 percent of market share, competing with Maxicare HealthCare Corp, Asalus Inc, Philheath CareIn, Value Care Health Systems Inc and other HMOs, the antitrust body said.</p><p>The PCC said it expects the current concentration of Medicard&#x27;s market share to spread thinner since it would also compete with insurance companies offering similar services and health plans.</p><p>Medicard is among the largest health maintenance organizations in the Philippines while AIA Group Limited and its subsidiaries comprise one of the largest life insurance groups and is present in 18 markets.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/life/07/22/22/health-shorts-unli-checkups-medical-protection-plans">Health shorts: Unli checkups, medical protection plans, and more</a></li>	<li><a href="https://news.abs-cbn.com/business/06/26/18/starbucks-or-sachet-insurance-hmos-target-cost-conscious-filipinos">Starbucks or &#x27;sachet&#x27; insurance? HMOs target cost-conscious Filipinos</a></li>	<li><a href="https://news.abs-cbn.com/business/06/27/18/swipe-for-a-doctor-health-services-go-digital-in-philippines">Swipe for a doctor: Health services go digital in Philippines</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1750494" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><div> </div>

The Philippine Competition Commission said it approved AIA Philippines' proposed acquisition of 100 percent shares in MediCard Philippines Inc.