MANILA, Dec. 3 -- The Philippine Competition Commission (PCC) said Wednesday that the proposed joint venture between Prime Infrastructure Capital Inc. (Prime Infrastructure) and First Gen Corporation (First Gen) is not expected to lessen competition in the energy sector.

Citing results of the Phase 1 review on the joint venture, PCC, in a press release, said the agency's Mergers and Acquisitions Office "assessed two horizontal markets and four vertical markets and found that the transaction is unlikely to result in a substantial lessening of competition in any of the identified markets."

Under the companies' joint venture deal, Prime Infrastructure will acquire a majority share in seven holding companies under Lopez-owned First Gen, whi...