PCC clears Lima Land-House of Investments joint venture

The Philippine Competition Commission (PCC) has cleared the proposed joint venture between Lima Land Inc. (Lima Land), a wholly-owned subsidiary of Aboitiz InfraCapital Inc., and House of Investments Inc. (House of Investments), through the acquisition of shares in Tarlac Terra Ventures Inc. (Tarlac Terra Ventures).

Lima Land is engaged in the development and management of economic zones (ecozones), as well as commercial and office spaces.

House of Investments, a domestic corporation under Pan Malayan Management & Investment Corporation, is involved in investment holdings, including real estate development. Tarlac Terra Ventures, the joint venture entity, is a wholly-owned subsidiary of House of Investments engaged in the real estate business.

The transaction

The transaction involves Lima Land acquiring a 49-percent stake in Tarlac Terra Ventures, while House of Investments retains 51 percent. Before the transaction, House of Investments held 100 percent of the shareholdings.

The PCC’s Mergers and Acquisitions Office and Economics Office investigated the market for nationwide development, sale, and lease of industrial lots within Investment Promotion Agency (IPA)-registered ecozones.

The Review Team found that the transaction is unlikely to substantially lessen competition in the relevant market. The parties’ combined market share remains minimal, and the presence of established competitors with larger market positions collectively prevents the exercise of market power.

Regulatory oversight by Investment Promotion Agencies

Also highlighted by the Review Team was regulatory oversight by IPAs, harmonized fiscal incentives under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, which ensures locators receive uniform incentive packages regardless of the registering IPA.

Entry and expansion conditions remain favorable, with new industrial lot supply expected nationwide from 2026 to 2028, including significant projects in Central Luzon, CALABARZON and other regions.