Ayala Land Inc. plans to purchase 290 hectares of land in San Miguel, Tarlac City, in the Philippines.
The Philippine Competition Commission has given the go-ahead for the property developer to acquire the land from sugar producer Central Azucarera de Tarlac, after having concluded the purchase will not lead to a significant decrease in competition in their sectors.
Ayala affirmed local media reports that revealed the planned buy, but neither the developer nor the press reports revealed the transaction amount. A March 9 report by The Philippine Star noted that the competition commission had on March 5 increased the threshold of deals to be reviewed for possible threats to market competition to 2 billion Philippine pesos from 1 billion pesos.
As of March 9, US$1 was equivalent to 51.99 Philippine pesos.
