PCC approves joint venture for 265-hectare project
Credit to Author: ANNA LEAH E. GONZALES| Date: Mon, 30 Sep 2019 16:27:19 +0000
THE Philippine Competition Commission (PCC) has approved the joint venture between Pasay Harbor City Corp. (Pasay Harbor City) and the city government of Pasay for the rise of a 265-hectare reclamation project.
In a statement on Monday, PCC said the transaction marked the first merger review involving local government units (LGUs) as a party to the joint venture.
The Pasay City LGU allotted rights to reclaim its municipal waters, while Pasay Harbor City will fully finance all raw land reclamation works and expenses.
PCC said its merger review found the transaction was not likely to lead to substantial lessening of competition in the relevant market.
“PCC noted that the reclaimed area would create a new market for commercial and residential real estate in Pasay City,” it said.
Pasay Harbor City Corp. is a partnership composed of Udenna Development Corp., Ulticon Builders Inc. and China Harbour Engineering Co. Ltd.
It submitted its venture as an unsolicited proposal to develop a part of the Manila Bay within Pasay City’s domain.
PCC, the country’s antitrust body, is mandated under the Philippine Competition Act to review mergers and acquisitions to ensure these deals will not harm the interest of consumers.
To date, PCC has received 196 merger transactions by local and international companies, approved 184 of them and blocked one anti-competitive merger.
These transactions have reached a combined worth of P3.21 trillion of transaction value.