MANILA, Philippines — The Philippine Competition Commission said Monday it approved a joint venture between the Pasay City Government and Pasay Harbor City Corp. for a land reclamation project in the municipal waters of the highly urbanized city.
In a statement, the PCC said the transaction “will not likely result in substantial lessening of competition.”
“This is because the transaction will create a new market for commercial and residential real estate within the City of Pasay,” the anti-trust body said.
“The Commission resolves to take no further action with respect to the proposed Transaction,” it added.
Under the agreement, the Pasay City government will give the rights to reclaim on its municipal waters covering 265 hectares while Pasay Harbor City will fully finance all land reclamation works and expenses.
Pasay Harbor City is a consortium composed of Udenna Development Corp. (UDEVCO), Ulticon Builders Inc. and China Harbour Engineering Company.
The group submitted its venture as an unsolicited proposal to develop a part of Manila Bay facing Pasay City waters.