PCC clears logistics JV of Ayala and EMIF II

THE Philippine Competition Commission (PCC) has approved the proposed joint venture (JV) between Ayala Corp.

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and EMIF II Holding III B.V., saying the deal is unlikely to significantly reduce competition in the freight and logistics sector.In a statement on Wednesday, the PCC said both domestic and international freight forwarding markets are highly fragmented, with customers often using multiple providers.

"The market for container liner shipping services is characterized by the presence of numerous global and regional carriers and strong buyer power, which effectively limits any ability or incentive to restrict capacity or degrade service," it said.