PCC approves Pasay reclamation joint venture
The Philippine Competition Commission (PCC), the anti-trust body, has approved the joint venture between the Pasay City government and the Pasay Harbor City Corp. led by businessman Dennis Uy for the P265-hectare reclamation project.
The city government granted rights to reclaim the municipal waters of Pasay in Manila Bay while Pasay Harbor City Corp. will finance all raw land expenses in the 265-hectare reclamation project.
Pasay Harbor City is a partnership composed of Udenna Development Corp. (UDEVCO), Ulticon Builders, Inc. and China Harbour Engineering Company.
"PCC’s merger review found that the transaction is not likely to lead to substantial lessening of competition in the relevant market," the PCC said in a decision dated September 26.
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 submitted an unsolicited proposal to develop part of Manila Bay within Pasay City's domain.