19/12/2025
Sarmiento Loriega Law Office extends its warm congratulations to all parties on securing unconditional approval following a comprehensive Phase 2 review by the Philippine Competition Commission, the country’s antitrust authority.
The Firm’s Antitrust and Competition Law Team, led by Dean Bryan San Juan, MJur. (Oxon), J.D. (UP) acted for the Sellers/Target company, Franklin Baker. We extends our sincere appreciation to Partner Gen Endaluz for her unparalleled attention to details, our senior associate Irene Carmella Trinidad, and our associates—including Jude Raphael Fanila —for their dedication and support throughout the engagement especially in assisting our clients address competition concerns raised by the Commission.
The Firm likewise acknowledges the extensive advice provided by its M&A and Tax Teams, led by Ma Elizabeth Peralta-Loriega and Recolito Ferdinand N. Cantre Jr. , respectively. The M&A Team was further assisted by Partners Cristina Bello and Christine Clemente , with support from Vanessa Gesta and Franchesca Casanova.
Beyond the Practice!
PRESS RELEASE: PCC approves Metro Pacific Agro Ventures’ acquisition of Franklin Baker shares
The Philippine Competition Commission (PCC) has approved Metro Pacific Agro Ventures, Inc.’s (MPAV) acquisition of a total outstanding shares of Franklin Baker Company of the Philippines (Franklin Baker). MPAV, an agri‑food company engaged in dairy, fresh produce, and coconut‑based products, operates a coconut production facility through its affiliate Axelum Resources Corporation. Franklin Baker is a major Philippine manufacturer and exporter of value‑added coconut products, with facilities in Laguna and Davao del Sur.
The PCC’s Mergers and Acquisitions Office (MAO) conducted a Phase 2 review due to initial concerns about potential monopsony effects in sourcing mature coconuts in Mindanao. After evaluating global product markets and conducting field assessments in Northern Mindanao and the Davao Region, the MAO found that the transaction is unlikely to substantially lessen competition. Global competition among coconut product suppliers and the presence of alternative buyers, particularly copra manufacturers, were found to mitigate risks of buyer dominance. The approval underscores PCC’s commitment to ensuring that consolidation in the agri‑food sector does not harm competition or consumer welfare.
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Read more: bit.ly/PCC-MPAV-FranklinBakerTransaction