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Manila Bulletin devider Business devider The Stock Market devider PCC clears Aboitiz-Yuchengco Tarlac industrial hub venture after competition review

PCC clears Aboitiz-Yuchengco Tarlac industrial hub venture after competition review

Published Mar 6, 2026 09:39 am
TARI Estate in Tarlac is fast emerging as Central Luzon’s next industrial frontier. Anchored by Coca-Cola Europacific Aboitiz Philippines and Ajinomoto Philippines Corporation, the 384-hectare special economic zone reflects Aboitiz Economic Estates’ commitment to smart, sustainable, and future-ready industrial development.
TARI Estate in Tarlac is fast emerging as Central Luzon’s next industrial frontier. Anchored by Coca-Cola Europacific Aboitiz Philippines and Ajinomoto Philippines Corporation, the 384-hectare special economic zone reflects Aboitiz Economic Estates’ commitment to smart, sustainable, and future-ready industrial development.

The Philippine Competition Commission (PCC) has approved a planned joint venture (JV) between the Aboitiz and Yuchengco groups to develop an industrial estate in Tarlac province, saying its review found the deal unlikely to substantially lessen competition in the ecozone market.

In a statement on Friday, March 6, the antitrust watchdog said it cleared the proposed partnership between Lima Land Inc., a wholly owned unit of Aboitiz InfraCapital Inc., and House of Investments Inc. (HI), the listed holding firm of the Yuchengco group, through the acquisition of shares in Tarlac Terra Ventures Inc. (TTVI).

Under the transaction, Lima Land will acquire a 49-percent stake in TTVI, while HI will retain 51 percent, maintaining majority control. Prior to the deal, HI owned the JV entity entirely.

The PCC said its mergers and acquisitions (M&As) office (MAO) and economics office conducted a review covering the nationwide market for the development, sale, and lease of industrial lots within economic zones registered with investment promotion agencies (IPAs).

“The review team found that the transaction is unlikely to substantially lessen competition in the relevant market,” the PCC said.

According to the regulator, the parties’ combined market share remains small compared with other established industrial estate developers, limiting the potential for the JV to exercise market power.

The commission also cited the continued presence of larger competitors in the ecozone sector and regulatory oversight by IPAs as factors helping maintain competitive market conditions.

In addition, the PCC noted that fiscal incentives under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act are now harmonized across IPAs, allowing locators to receive comparable incentive packages regardless of the agency overseeing the ecozone.

These regulatory safeguards, along with favorable entry and expansion conditions in the industrial estate market, helped support the clearance.

The antitrust body said new industrial lot supply is expected nationwide between 2026 and 2028, including major developments in Central Luzon, Calabarzon, and other regions, which should further sustain competitive pressure in the sector.

The PCC emphasized that the decision reflects its mandate to ensure that mergers and acquisitions do not harm consumer welfare or distort market dynamics.

It said the clearance demonstrates that outcomes are based on rigorous review to safeguard competition while allowing investments that support economic growth.

The project is expected to strengthen industrial development in Central Luzon through a partnership between two prominent Filipino conglomerate families.

The Aboitiz group, through Aboitiz InfraCapital, has been expanding its portfolio of economic zones and industrial estates, while the Yuchengco group’s HI has long-standing interests in property development and investment holdings.

Last month, the two groups said the planned industrial hub in Tarlac could become one of the larger developments in the region, combining the Aboitiz group’s ecozone expertise with the Yuchengco group’s real estate investments. The project aims to attract manufacturing and logistics locators seeking space outside Metro Manila amid rising demand for industrial land.

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