The Philippine Competition Commission (PCC) has approved the reclamation project of the City Government of Manila and developer Waterfront Manila Premier Development Inc.
The project entails the construction of “Manila Waterfront City.”
PCC said the joint venture between the local government of Manila and Waterfront Manila will not result in subst antial lessening of competition in the area.
It even cited that the transaction results in creating a “new market” of the project worth P34.38 billion that is conventionally “pro-competition.”
“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,” it said.
“There are neither affected customers nor any commercial activity in the relevant geographic market,” it added.