Banco de Oro provided loans to tycoons Ramon Ang and Ricky Razon for their major water infrastructure projects to give people in their areas access to water sources.
Banco de Oro provided funds for the major water infrastructure projects of two tycoons—Ramon Ang for SMC’s Luzon Clean Water Development Corp. and Ricky Razon’s Wawa Bulk Water Supply Project of Wawa JVCo., a subsidiary of Razon’s infrastructure arm.
The funding would help them fulfill their mission to improve the quality of life of people in their areas.
SMC’s Luzon Clean Water Development Corp. (LCWDC) has been tasked to provide water services to the whole province of Bulacan through the Bulacan Bulk Water Supply Project (BBWSP).
Several districts of Bulacan are experiencing inadequate source of water supply, low water pressure due to limited distribution systems, and saline water intrusion into the groundwater.
BDO funded the bulk of BBWSP and helped extend the long-term loan facility that was used to finance the construction of stages 1 and 2 of the project which covered the treatment and delivery of bulk water to 13 local government units in Bulacan.
“BDO has been very supportive to us in LCWDC especially in the financing requirements of the BBWSP. Our business relationship with BDO has blossomed since we started banking with them in 2016 and today, it lends support to other projects pursued by the San Miguel group.
Living up to its promise to clients of finding ways, BDO is truly our reliable partner as we continue to build a better world for the Filipinos,” said Raoul C. Romulo, director of LCWD.
Last July 8, the MWSS said Wawa JVCo Incorporated has completed works on Phase 1 of the P26 billion Wawa Bulk Water Supply Project in the Philippines. Delivery of additional water supply to consumers in parts of Metro Manila and Rizal has also commenced.
Phase 1 included works on the Tayabasan Weir, a 25-metre-high roller compacted concrete structure with capacity to deliver 80 million litres per day (MLD) to Manila Water Company Incorporated (MWC) and Metropolitan Waterworks and Sewerage System (MWSS).
Works on phase 2 of the project (Upper Wawa Dam) is scheduled to be completed in 2025. This phase will increase the water supply capacity by more than 518 MLD, which will be distributed across 500,000 homes in the east concession zone.
The water infrastructure project is expected to mitigate the effects of recurrent flooding in the lower regions of Pasig City, Marikina City, and Rizal Province.
Tags: #SMC, #BDO, #WawaBulkWater