MANILA - The Philippine Competition Commission (PCC) on Monday said it has approved the joint venture between the Pasay City government and the Pasay Harbor City Corp. for a proposed reclamation project.
The local government granted rights to reclaim municipal waters while the Pasay Harbor City Corp. will finance all raw land expenses in the 265-hectare reclamation project, the PCC said in a statement.
"PCC’s merger review found that the transaction is not likely to lead to substantial lessening of competition in the relevant market," the Sept. 26 decision stated.
The PCC said this deal was its first merger review where a local government unit is involved as a party to a joint venture.
Pasay Harbor City Corporation is a partnership composed of Udenna Development Corp. (UDEVCO), Ulticon Builders, Inc. and China Harbour Engineering Company.
It submitted its venture as an unsolicited proposal to develop part of Manila Bay within Pasay City's domain.