The Philippine Competition Commission (PCC) has approved the planned acquisition by AIA Philippines Life and General Insurance Company Inc. (of 100% of shares in MediCard Philippines Inc.
Citing its decision released Friday, January 6, 2023, the PCC said it found that the proposed takeover will not likely result in substantial lessening of competition in the markets for individual and group health or medical coverage.
The PCC said that while Medicard is among the top health maintenance organizations in the Philippines at the time of the merger holding 16.93% of the market share, it competes with Maxicare HealthCare Corporation that holds 36.29%, Asalus Inc. with 26.12%, PhilHealth Care Inc. with 4.89%, Value Care Health Systems Inc. with 4.20%, and other HMOs composing 11.57% of the remaining share in the market.
In its market analysis, the PCC said its Mergers and Acquisitions Office also found that customers are able to switch easily to other health or medical coverage firms, since the majority of HMO plans run only for a year and policyholders are not barred from switching providers. The PCC added it observed that customers looking for group health or medical coverage have high bargaining power and can negotiate with service providers for better terms.
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