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Manila Bulletin devider Business devider The Stock Market devider MacroAsia-backed desalination plant in Lapu-Lapu City secures ?1.4-billion financing

MacroAsia-backed desalination plant in Lapu-Lapu City secures ?1.4-billion financing

Published Apr 11, 2025 03:05 am

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MacroAsia Corp., a member of the Lucio Tan group of companies, has signed a ₱1.41-billion financing agreement for its seawater desalination plant project in Lapu-Lapu City.

In a disclosure to the Philippine Stock Exchange, the firm said the loan agreement was formally executed by representatives of Cebu Summa Water Lapu-Lapu Inc. (CSWLL) and Security Bank Corp., the financing institution.

CSWLL is a wholly owned subsidiary of Summa Water Resources Inc. (SWRI)—with SWRI being 60-percent owned by MacroAsia through its subsidiary, Allied Water Services Inc.

“This agreement marks a significant milestone in the development of the project’s initial phase, which now includes the construction of a 20-million-liters-per-day (MLD) desalination plant in Punta Engaño—an increase from the original plan of 15 MLD—and a 500-cubic-meters-per-day (CMD) desalination facility on Olango island,” MacroAsia said.

CSWLL invests heavily in this transformative project, which aims to address Lapu-Lapu City’s growing water needs and enhance its water security.

Together with SWRI and MacroAsia, the company is committed to delivering a sustainable, climate-resilient water solution that supports the community’s immediate and long-term needs.

MacroAsia said the city government of Lapu-Lapu has been an essential partner in this initiative, offering steadfast support and collaboration throughout the project’s planning, design, and implementation phases.

The city government and CSWLL signed a joint venture agreement on June 21, 2019, and issued a notice to proceed on May 13, 2024.

The loan agreement had been scheduled for signing following the groundbreaking ceremony on Sept. 18, 2024, which officially launched the project.

With the joint venture agreement, the desalination facilities are on track to deliver dependable, high-quality water supply for Lapu-Lapu City. This initiative also sets the stage for future desalination projects across the country.

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