THE PHILIPPINE Competition Commission (PCC) yesterday said it has started its review of Japan Tobacco International’s deal to acquire the assets of cigarette maker Mighty Corp., which has offered the government P25 billion to settle its massive tax liability.

In a press briefing in Malacañang, PCC Chairman Arsenio M. Balisacan said his office received the deal notice required of parties involved in the week of President Rodrigo R. Duterte’s July 24 State of the Nation Address, in which he said he had ordered the Finance department to accept Mighty’s offer of settlement for its alleged attempt to evade excise and income taxes by using fake cigarette tax stamps in February and March.

“We’re evaluating their compliance with the requirements at the moment. As you know if there are no problems with the submission, approval can be as early as within the first 30 days upon completion of all the requirements,” Mr. Balisacan said.

“If there are issues, or additional concerns of data that are needed from them, the total number of days required or given to us to evaluate the submission is 90 days.” — Ian Nicolas P. Cigaral

RELATED ARTICLESMORE FROM AUTHOR