THE Philippine Competition Commission (PCC) green-lit a joint venture (JV) between the City Government of Pasay and a group led by Davao-based businessman Dennis A. Uy that will pave the way for a 265-hectare Manila Bay land reclamation project in Pasay City.
In a Commission Decision dated Sept. 26, the PCC found the deal between Pasay Harbor City Corp. and the Pasay City government will not likely lead to substantial decrease of competition in the relevant market.
“The reclaimed area will create a new market for commercial and residential real estate in Pasay City,” PCC said.
Under the deal, the City Government of Pasay allotted rights to reclaim its municipal waters in its section of Manila Bay. In turn, Pasay Harbor City will finance all raw land reclamation works.
Pasay Harbor City is a consortium composed of Udenna Development Corp., Ulticon Builders, Inc., and China Harbour Engineering Co. Udenna is the holding company for Mr. Uy’s businesses, which include Phoenix Petroleum Philippines, Inc., Chelsea Logistics and Infrastructure Holdings Corp., Enderun Colleges and Telecommunity Corp.
The Pasay City government and the consortium signed a joint venture agreement for the P62-billion project in November 2017.
The joint venture is PCC’s first merger review that involves a local government unit.
PCC, the country’s anti-trust body, reviews mergers and acquisitions under the Philippine Competition Act of 2015. — Jenina P. Ibañez