Richli raises investment in Bohol water sector to P3B
The property development and tourism boom in Bohol has led to the surge in local demand for potable water, prompting local entrepreneur Richli Corp. to increase its investments in water development and distribution in the fast-developing province to some P3 billion.
Its latest infrastructure project to start operations is the Loctob Water Treatment Plant in the town of Loboc. The plant operated by Richli Group subsidiary Loctob Water can produce five million liters of a day of potable water.
With Loctob coming on stream, Richli’s total distribution capacity to 13 MLD, which will be enough to meet the demand of the hotels, resorts, real estate developments, commercial establishments operating in the province, mainly in the island of Panglao where tourism is centered.
Richli chair Richard Lim Sr. Said, however, that the group has to continue developing water treatment plants as the expanded capacity is projected to be good enough for only the next two to three years given the pace of expansion of the tourism and property sectors.
Already under construction are two Marriott hotels and undergoing expansion are Modala Resort, and Lim’s own Eskaya Resort, which will have a convention center this year. The 1,000-room Panglao Shores will start ocnstruction next month, together with the planned Panglao Mall.
Cebu Landmasters is also putting up a condominium development in the town of Dauis. Robinsons Place is under construction while the SM Group broke ground on SM Bohol last month.
Aboitiz InfraCapital is likewise set to take over the operation of the Panglao-Bohol International Airport in June and its planned rehabilitation and expansion should lead to more visitors into the island.
The airport as well as around 80 percent of the resorts and hotels in Panglao are connected to Richli, thus the constant pressure to ensure adequate supply of potable water.
Lim said that Richli is ready to meet the demand as the group has a total surface water source of about 600 MLD that can be treated and distributed as potable water. However, he would need greater support from local government units and national government agencies to be able to pursue these big-ticket projects.
Lending financial support to his projects are banks and financial institutions led by BDO, which has a current exposure of P100 million but with another P1.2 billion being processed. The Development Bank of the Philippines has lent another P600 million while BPI has P18 million.
Charles Rodriguez, BDO SVP for commercial banking, said BDO decided to provide Richli wih part of its needed funds as part of is mandate to supprot nation building by backing vital infrastructure projects such as water distribution.
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