By Eileen Mencias
The Philippine Competition Commission has approved the joint venture between Japan’s Mitsubishi Corp. and Gotianun-led Filinvest Alabang Inc. for an upscale mixed-use project in Alabang, Muntinlupa City.
In a decision dated Dec. 10, 2019, the PCC said the JV would not likely result in a 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.
The Ayalas are ahead of the Gotianun group in terms of office space buildings in Alabang with its Madrigal Park development.
Mitsubishi and FAI have formed Spectrum Alabang Properties Inc. to undertake the project.
Spectrum Alabang will occupy 16,928 meters of land in the 244-hectare Filinvest City.
Mitsubishi is a diversified conglomerate with interests in automotive and mobility business, natural gas, industrial infrastructure, food, manufacturing, and urban development, among others.