Manila Water funnels P27 billion BDO loan into Wawa takeover

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January 30, 2026 | 12:00am

MANILA, Philippines — East zone concessionaire Manila Water Co. Inc. has locked in up to P27 billion in financing from BDO Unibank Inc. for its takeover of the company behind the water supply dam in Rizal.

In a regulatory filing yesterday, the water utility controlled by tycoon Enrique Razon Jr. said it had signed a 15-year term loan with BDO to fund its acquisition of a 92.97-percent stake in WawaJVCo Inc.

WawaJVCo, previously owned by Razon’s Prime Infrastructure Capital Inc., operates the Wawa Bulk Water Supply Project. The project includes the Upper Wawa Dam, the largest water supply dam built in the Philippines in over 50 years.

Manila Water finalized its buyout of WawaJVCo last September, three months after signing a binding term sheet with Prime Infra involving 3.05 million common shares and 4.76 million non-voting preferred shares.

The acquisition, valued at around P37.8 billion, is being paid in installments, starting with an initial payment of P6.11 billion late last year.

As previously disclosed, the final installment is expected to be settled this month.

“By consolidating our assets under Manila Water as our core water infrastructure platform, we are enhancing system integration, operational efficiency and service delivery,” Prime Infra president and CEO Guillaume Lucci said.

Manila Water, for its part, said the acquisition was aligned with its long-term operational and water security objectives.

“This will provide greater focus and flexibility in water resource allocation, while allowing for more efficient operations and overall cost management of the facility,” it said.

WawaJVCo was established to develop, operate and maintain the Wawa Bulk Water Supply Project to augment Metro Manila’s raw water supply.

Manila Water, meanwhile, serves more than 7.8 million customers across the east zone of Metro Manila and Rizal.

Last month, the company secured a 10-year term loan facility of up to P15 billion from Metropolitan Bank & Trust Co. to support its operations and expansion efforts.