Manila Water seals P27-B loan for takeover of WawaJVCo

Manila Water Co. has obtained a loan of up to P27 billion from BDO Unibank Inc. to provide capital for its acquisition of WawaJVCo Inc.

In a filing on Wednesday, the company that Enrique Razon Jr. leads said it sealed a 15-year term loan facility with the Sy-led bank.

The funds would cover a portion of the purchase of a 92.97-percent stake in WawaJVCo. This is another unit of the Razon Group. It operates the water supply dam in Rizal province.

The deal came almost four months after the Razon group said it had completed the takeover of WawaJVCo from its parent firm Prime Infrastructure Capital Inc. This was through the acquisition of a majority ownership in the project for P37.8 billion.

Established in 2019, WawaJVCo operates the Wawa Bulk Water Supply Project. This includes the Tayabasan Weir in Antipolo City and the Upper Wawa Dam in Rodriguez—both in Rizal.

The Tayabasan Weir has a capacity of 80 million liters per day (MLD). It has been up and running since late 2022.

The Upper Wawa Dam will have a supply capacity of up to 710 MLD once it begins commercial operations.

Manila Water said that gaining control of the project “provide[s] greater focus and flexibility in water resource allocation, while allowing for more efficient operations and overall cost management of the facility.”

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Guillaume Lucci, president and CEO of Prime Infra also said that with Manila Water serving as the firm’s core water infrastructure arm, consumers can expect better system integration, operational efficiency and service delivery.

Manila Water serves the East Zone service area of Metro Manila. This covers the cities of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila and several towns in Rizal province.

In the first three quarters of 2025, Manila Water booked a 25-percent increase in its bottom line. This reached nearly P12.6 billion. This was driven by the strong operations of its east zone concession and non-east zone Philippines businesses.