By Elijah Felice Rosales, October 1 2019; Business Mirror
Image Credit to Business Mirror
IN a first, the Philippine Competition Commission (PCC) has approved the joint venture between the city government of Pasay and Pasay Harbor City Corp. to reclaim a 265-hectare land in Pasay City.
The approval paves the way for the Pasay local government unit to reclaim its municipal waters with the help of Pasay Harbor City, which will bankroll all raw land-reclamation works and expenses. According to the PCC, this is the first time it authorized a merger involving a local government as a party to the transaction.
According to the antitrust body, the merger will not substantially lessen or restrict competition in its relevant market. The PCC said the reclaimed area will be used for commercial and residential real-estate projects in Pasay City.
Pasay Harbor City is a partnership made up of Udenna Development Corp., Ulticon Builders Inc. and China Harbour Engineering Co. It submitted its venture as an unsolicited proposal to develop a portion of Manila Bay within Pasay’s domain.
As the country’s antitrust agency, the PCC is mandated by law to review mergers and acquisitions to ensure these transactions will not harm the interests of consumers.
As of latest data, the PCC has received 186 merger proposals from local and international firms, of which 184 have been approved and one was blocked. The transactions have amounted to an estimated P3.21 trillion in terms of transaction value.