MANILA— The Philippine Competition Commission said Friday it has approved the joint venture between the Manila City government and Waterfront Manila Premier Development Inc for a reclamation project at the Manila Bay.
In a decision dated March 9, the PCC found that the deal does not result in substantial lessening of competition, it said in a statement.
The transaction "results in a creation of a new market that is conventionally pro-competition," the PCC said.
“The transaction is a new area of investment formed for the creation of a residential and commercial real estate development project. 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 decision read.
The joint venture was established for the "Manila Waterfront City" reclamation project, with the Manila LGU holding 51 percent of the arrangement and Manila Waterfront with 49 percent, the PCC said.
Manila Waterfront City is a raw land reclamation and development project covering 318 hectares of foreshore and offshore areas in Manila, the agency said.
A central business district, a gateway, a marina, a waterfront, entertainment, health and education hubs will be built in the said development, the PCC said.
Waterfront Manila and its partner developer will contribute capital and expertise while the Manila LGU will contribute rights over municipal waters where the project will be developed, the statement said.
The PCC is mandated to review mergers, acquisitions and joint ventures to ensure deals won't harm competition and the interest of consumers.