The Philippine Competition Commission (PCC) on Friday, March 19, approved the joint venture between the local government of Manila and Waterfront Manila Premier Development for a 318-hectare reclamation project in Manila Bay.

The PCC noted that the Manila Waterfront City project “does not result in substantial lessening of competition.”

It even cited that the transaction results in a creation of a “new market” 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,” the decision read.  

The Manila Waterfront City is a raw-land reclamation and development project covering 318 hectares of foreshore and offshore areas in Manila Bay. 

It is located south of Manila South Harbor and is set to feature a central business district, a gateway, a marina, a waterfront, as well as entertainment, health, and education hubs.

Waterfront Manila, a real estate developer under the Crisanta Realty Development Corporation and Pacific Rehouse Corporation, will spend for and build the reclamation project, while the local government of Manila will contribute rights over municipal waters where the project will be developed. 

The unincorporated joint venture will have a sharing arrangement, with 51% for Manila City Government and 49% for Waterfront Manila.  

President Rodrigo Duterte earlier said that he would reject reclamation projects in Manila Bay and told proponents to “wait until next presidency.” – Rappler.com