PCC approves Mitsubishi Corp.’s joint venture with Filinvest Alabang  

December 19, 2019

The Philippine Competition Commission (PCC) approved on Thursday the proposed joint venture between Mitsubishi Corp. (Mitsubishi) and Filinvest Alabang, Inc. (Filinvest Alabang) in developing upscale mixed-used projects in Alabang, Muntinlupa City.

The competition authority cleared the joint venture that will result in the incorporation of Spectrum Alabang Properties, Inc.

In a commission decision issued last December 10, the PCC found the transaction not likely to result in substantial lessening of competition in the Grade-A office space and retail markets in the southern business district, given the sufficient number of other market players in and outside of Alabang area that compete with the parties.

Mitsubishi is set to acquire a 40 percent of the issued and outstanding shares of stock in Filinvest Alabang, as a way to develop and manage the latter’s 16,928-square meters of land.

The property forms part of Filinvest City, a 244-hectare mixed-use estate in the Alabang.

Filinvest Alabang is a subsidiary of Filinvest Development Corp.(FDC), and was specifically incorporated to develop Filinvest City in a joint venture project with the Philippine government.

The Alabang subsidiary of FDC is 80 percent owned by Filinvest Development Corp. and 20 percent owned by Filinvest Land Inc.

Filinvest Development Corp. is a conglomerate with interests in property, banking services, infrastructure, sugar and power

While the Mitsubishi Corporation Group is more known for its automotive and mobility business, its global portfolio covers various industries, including automotive and mobility, natural gas, industrial materials, petroleum and chemicals, mineral resources, industrial infrastructure, food industry, consumer industry, power solution, manufacturing, and urban development.

PCC has received 201 transactions for review, approved 188 of these local and global transactions, and blocked one merger. Applying antitrust law, the PCC has since reviewed mergers and acquisitions with a combined worth of P3.28 trillion. DMS