In this paper, I discuss the different types of minority shareholdings and why these arrangements warrant a closer look by competition agencies, particularly in the Philippines. There is consensus in literature and agency decisional practice in the European Union and the United States that minority shareholdings can have anti-competitive effects. To understand the implications of these types of arrangements for the highly oligopolistic markets in the Philippines, I analyze the boundaries of the Philippines’ merger control regime and show that an enforcement gap exists. I then recommend three parallel courses of action to address the enforcement gap.