MacroAsia Corp., an investment holding company of the Lucio Tan Group, said Cebu Summa Water Lapu-Lapu Inc.—a wholly-owned unit of Summa Water Resources Inc.—has signed a P1.4-billion loan agreement with Security Bank Corp. to bankroll the water utilities’ seawater desalination project.
MacroAsia owns 60 percent of Summa Water through its subsidiary, Allied Water Services, Inc.
The initial phase of the project includes the construction of a 20 million liters per day (MLD) desalination plant in Punta Engaño, up from the originally planned 15 MLD, and a 500 cubic meters per day (CMD) facility on Olango Island.
The desalination facility aims to address Lapu-Lapu City’s growing water demand and improve long-term water security. It also reflects their shared vision of ensuring reliable, high-quality water resources to help power the country’s development.
MacroAsia said the City Government of Lapu-Lapu, a joint venture partner in the project, has provided steadfast support and collaboration throughout the project’s planning, design, and implementation stages.
TAGS: MacroAsia, Lapu-Lapu City, Security Bank, desalination
