PCC clears Lima Land–House of Investments venture

The Philippine Competition Commission has approved the proposed joint venture between Lima Land, Inc. and House of Investments, Inc. through the acquisition of shares in Tarlac Terra Ventures, Inc..

Under the deal, Lima Land will acquire a 49-percent stake in Tarlac Terra Ventures, while House of Investments will retain 51 percent ownership. Before the transaction, House of Investments owned the company entirely.

Lima Land is a wholly owned subsidiary of Aboitiz InfraCapital, Inc. and is involved in the development and management of economic zones as well as commercial and office properties.

House of Investments, meanwhile, is a domestic investment holding firm under Pan Malayan Management & Investment Corporation with interests that include real estate development.

Tarlac Terra Ventures, the joint venture entity, is engaged in the real estate business.

Competition review

The PCC’s Mergers and Acquisitions Office and Economics Office reviewed the transaction, focusing on the nationwide market for the development, sale and lease of industrial lots within Investment Promotion Agency-registered economic zones.

The review team found that the transaction is unlikely to substantially lessen competition in the relevant market.

According to the PCC, the combined market share of the parties remains relatively small. The presence of established competitors with larger positions in the ecozone market also prevents the companies from exercising significant market power.

Regulatory oversight by Investment Promotion Agencies and the harmonized fiscal incentives under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act were also cited as factors supporting competitive conditions.

The incentive structure ensures that businesses locating within economic zones receive uniform incentive packages regardless of the registering agency.

Expansion opportunities

The PCC also noted that entry and expansion conditions remain favorable in the industrial lot market.

New supply of industrial lots is expected to emerge nationwide between 2026 and 2028, including large-scale projects in Central Luzon, CALABARZON and other regions.

The competition body said the decision reflects its role in balancing investment growth and fair market competition.

According to the PCC, the approval demonstrates that merger and acquisition reviews are conducted rigorously to ensure transactions do not harm consumer welfare or distort market dynamics while still allowing investments that support economic development.