Manila Water Co. Inc., the east zone water concessionaire controlled by tycoon Enrique Razon, has secured a 15-year, P27-billion loan from BDO Unibank Inc. to fund its acquisition of WawaJVCo. Inc., strengthening its grip on a critical water source for Metro Manila.
The loan will bankroll Manila Water’s purchase of a 92.97 percent stake in WawaJVCo, the developer and operator of the Wawa Bulk Water Supply Project, a major infrastructure asset with a capacity of up to 712 million liters per day (MLD). Beyond water, the project also includes a power generation component, adding a layer of operational efficiency to the system.
WawaJVCo holds a 30-year bulk water supply agreement with the Metropolitan Waterworks and Sewerage System and Manila Water, securing the delivery of 518 MLD through 2050. That long-term contract gives the acquisition the kind of revenue visibility banks like—and explains the appetite for long-dated financing.
For Manila Water, the deal is less about expansion and more about control. By internalizing a key bulk water supplier, the company reduces supply risk while locking in a stable source of raw water at a time when climate volatility and demand growth are putting pressure on urban utilities.
Manila Water is controlled by Prime Infrastructure Holdings Corp., through Trident Water Co. Holdings Inc., both part of Razon’s growing infrastructure portfolio. The concessionaire covers Metro Manila’s 1,400-kilometer East Zone, spanning 24 cities and municipalities in the capital region and Rizal province, and serves more than 7.8 million customers.
The financing underscores a broader push by Manila Water to anchor its future on long-life, regulated assets. With the Wawa project secured and funded, the company is betting that scale, control, and long-term contracts remain the safest currency in the business of water.
