MANILA – The Philippine Competition Commission (PCC) announced Friday that it approved the joint venture between the City Government of Manila and Waterfront Manila Premier Development Inc. to build the Manila Waterfront City.
The anti-trust body said it found that the transaction would not result in substantial lessening of competition, but will create a new market that is pro-competition.
“There are neither affected customers nor any commercial activity in the relevant geographic market,” the PCC decision read.
The Manila Waterfront City is a reclamation project covering 318 hectares of foreshore and offshore areas in the south of Manila South Harbor to develop a new central business district, a gateway, a marina, a waterfront, and hubs for entertainment, health, and education.
“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 PCC added.
The parties notified the PCC that the project will be a 51-49 percent share in favor of the Manila City government.
The local government will contribute rights over municipal waters, while Waterfront Manila will share capital and expertise.
This project is the 211th transaction approved by the anti-trust body. (PNA)