Manila Water gets P27B from BDO for Wawa buyout

Razon-led Manila Water Company, Inc. has secured a 15-year term loan facility of up to P27 billion from BDO Unibank, Inc. to finance its acquisition of a 92.97 percent stake in Prime Infrastructure Inc.’s (PII) entire stake in WawaJVCo Inc.

The company informed the stock exchange on Wednesday that the loan will support the purchase of the majority interest in WawaJVCo, which holds key water infrastructure assets linked to the Wawa water supply project.

Manila Water signed the share purchase agreement in August 2025, with payments for PII’s shares and a deposit for future stock subscription to be made in installments. 

The first payment of P6.11 billion was made on 15 December 2025, and the final installment is due on 30 January, subject to balance sheet adjustments.

The acquisition will integrate the Wawa Dam system into Manila Water’s East Zone network, boosting efficiency, lowering costs, and securing a long-term water supply. 

The water firm previously said the deal “aligns squarely with (the company’s) objective of ensuring a credible, consistent, and stable source of water for the communities (it) serves.”

WawaJVCo operates the Tayabasan Weir in Antipolo and the Upper Wawa Dam in Rodriguez, Rizal, with a combined capacity of 712 million liters per day. 

The Tayabasan Weir has been operational since October 2022, while the Upper Wawa Dam, set to start commercial operations in December, is expected to serve over 700,000 households, or 3.5 million people.

The company has a 30-year Bulk Water Supply Agreement with the Metropolitan Waterworks and Sewerage System and Manila Water, which will supply 518 MLD through 2050.