The consortium led by tycoon Dennis Uy has moved one step closer to undertaking its P62-billion reclamation project in Pasay City.

The Philippine Competition Commission (PCC) has approved the joint venture between Pasay Harbor City Corp. and the Pasay City government for the 265-hectare land reclamation project.

The subject area is located beside the SM Group’s 300-hectare reclamation project.

Before it could fully proceed, however, the consortium would still need to obtain the approval of the National Economic and Development Authority and the endorsement of the Philippine Reclamation Authority (PRA).

Based on the terms of agreement, the Pasay Harbor City consortium will shoulder the entire cost of the project, which will be completed within four years upon the issuance of the notice to proceed.

“In a Commission Decision issued on 26 September, PCC’s merger review found that the transaction is not likely to lead to substantial lessening of competition in the relevant market. PCC noted that the reclaimed area will create a new market for commercial and residential real estate in Pasay City,” the competition watchdog said in a statement.

Under the agreement, the Pasay local government unit has allotted rights to reclaim the waters under its jurisdiction, while the consortium will shoulder the costs including raw land reclamation works and expenses.

Pasay Harbor Corp. is comprised of Dennis Uy-led Udenna Development Corp., Ulticon Builders Inc. and China Harbour Engineering Co. The consortium submitted an unsolicited proposal for the development.

It was also among the reclamation projects in the Manila Bay area signed through a memorandum of agreement in November last year between companies and the Pasay and Manila LGU.

The other projects were Manila Goldcoast Development Corp. and the Manila local government’s 148-hectare Solar City project, and SM Prime Holdings and the Pasay LGU’s 300-hectare and 60-hectare project dubbed the “SM Project,” whose notice to proceed was recently confirmed given by the PRA.

To date, the PCC said it has received 196 merger transactions and by local and international companies. Of the figure, it has approved 184 and blocked one anti-competitive merger. The total transactions have a combined value of P3.21 trillion. With AJ Bajo