THE Philippine Competition Commission (PCC) has cleared a joint venture between local health care provider GCMC Holdings, Inc. and two private Singaporean firms.
In a statement on Monday, PCC said the joint venture of GCMC Holdings, Inc., Navegar II (Singapore) Pte. Ltd., and Leapfrog Emerging Consumer Fund IV, LP was approved early last month following the conduct of a Phase 1 review by its Mergers and Acquisitions Office.
The antitrust watchdog said the review found no horizontal overlaps or vertical relationships between the parties.
It noted that GCMC and Navegar II were operating in distinct, non-overlapping market segments, while Leucadendron, an investment holding company involved in the deal, currently had no operations in the country.
PCC clearance is expected to enhance GCMC’s clinical operations and standards and expand access to quality care.
GCMC, or Global Care Medical Center, is a holding company that operates hospitals and provides medical and diagnostic services across the Philippines, including the distribution of pharmaceuticals and medical equipment.
It currently operates four Level II hospitals and a specialized cancer care center across key urban centers in Luzon with a current bed capacity of over 300.
Navegar II is a private equity firm based in Singapore with diverse investments in various Philippine businesses and industries.
Leapfrog, meanwhile, is a Singaporean private equity firm which focuses on high-impact health care and financial services investments in global growth markets.
