The Philippine Competition Commission (PCC) recently cleared the proposed subscription by NTT UD Asia Pte. Ltd. (NTT UD Asia) to 40 percent of the voting shares in CLI Luzon Ventures, Inc. (CLI Luzon).
NTT UD Asia, a subsidiary of Nippon Telegraph and Telephone Corporation, is a Singapore-based developer engaged in the investment and management of real estate in Southeast Asia. CLI Luzon is a subsidiary of Cebu Landmasters Inc. (Cebu Landmasters) and was established to spearhead real estate developments in the Luzon region.
NTT UD Asia and Cebu Landmasters entered into an agreement, wherein NTT UD Asia will subscribe to 40 percent of the voting shares in the joint venture company, CLI Luzon.
The PCC received compulsory notification for this transaction on July 24, 2025. Following the investigation and comprehensive review of the PCC’s Mergers and Acquisitions Office (MAO), it found that the proposed transaction will not likely result in substantial lessening of competition in the relevant markets for real estate development and property management.
This determination was based on the presence of other major and local real estate developers in Metro Manila that serve as sufficient competitive constraints on the parties. During the review process, the MAO conducted party interviews with NTT UD Asia and Cebu Landmasters.
This decision reflects the PCC’s mandate to ensure fair and healthy market competition by evaluating mergers and acquisitions that may affect market dynamics. By clearing the transaction, the Commission affirmed that sufficient competitive constraints remain in the relevant market, allowing the parties to proceed with their business plans while safeguarding consumer welfare and promoting efficient market outcomes.
