THE Philippine Competition Commission (PCC) has approved the joint venture between Waterfront Manila Premier Development, Inc. and the City Government of Manila that will build the Manila Waterfront City reclamation project.
The commission said in a decision signed on March 15 that the transaction does not substantially lessen competition, noting that it creates a new market.
“The transaction is a new area of investment formed for the creation of a residential and commercial real estate development project,” the decision said.
“This will expand the existing market and likely create an opportunity for the emergence of new markets for commercial and residential real estate within the City of Manila.”
The Manila Waterfront City reclamation project is a 318-hectare mixed-use development south of the Manila South Harbor.
Real estate developer Waterfront Manila will contribute capital and expertise, while the Manila government hands over rights over the municipal waters on which the project will be developed.
“The resulting unincorporated joint venture shall be governed by a sharing arrangement with 51% for Manila City Government and 49% for Waterfront Manila,” PCC said.
Noting that customers or commercial activity in the relevant geographic market will not be affected, the commission said it will take no further action. — Jenina P. Ibañez