Another Manila Bay reclamation project scores PCC approval

The Philippine Competition Commission (PCC) has approved another joint venture between the Manila City government and a private firm for a reclamation project in the Manila Bay.

In a statement, the anti-trust watchdog said its Mergers and Acquisitions Office gave the go-ahead for the "Manila Horizon" Reclamation Project, a joint venture between JBros Construction Corp. and the city government of Manila.

"The transaction is a new area of investment formed for the creation of a residential and commercial real estate development project," the March 11 commission decision read.

"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. There are neither affected customers nor any commercial activity in the relevant geographic market," it added.

Horizon Manila is planned to be a 419-hectare raw-land reclamation that involves the development of three islands on the foreshore and offshore areas in Manila Bay.

JBros Construction is engaged in the business of general and large-scale construction. Under the proposal, the firm will contribute capital and expertise while Manila City will contribute rights over municipal waters.

The unincorporated joint venture will be governed by a sharing arrangement with 51% for the Manila city government and 49% for the private firm.

To recall, the PCC earlier this month approved the Manila Waterfront City joint venture project of the Manila city government and Waterfront Manila Premier Development Inc.

The PCC is mandated to implement the national competition policy and enforce the competition law which promotes and protects competitive markets.—LDF, GMA News