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Manila Bulletin devider Business devider Trade & Industry devider Korean firm, Maynilad offer ₱15-billion deal for New Clark City water project

Korean firm, Maynilad offer ₱15-billion deal for New Clark City water project

Published Feb 5, 2026 06:31 pm
New Clark City in Tarlac (BCDA Website)
New Clark City in Tarlac (BCDA Website)
South Korean government-run Korea Water Resources Group (K-Water) and west zone concessionaire Maynilad Water Services Inc. are proposing a ₱15-billion deal to operate the water and wastewater services of New Clark City in Tarlac.
Bases Conversion and Development Authority (BCDA) President and Chief Executive Officer (CEO) Joshua Bingcang said the agency has received an unsolicited proposal for the project after it secured the nod of the Public-Private Partnership (PPP) Center.
Bingcang said a joint venture between K-Water and Maynilad submitted the proposal to the PPP Center in October last year for the determination of completeness, as provided under the PPP Code.
He noted that the BCDA was informed by the PPP Center on Wednesday, Feb. 4, that the proposal had met compliance requirements.
Under the PPP Code, the BCDA will now have 10 calendar days to review the submission for approval before proceeding to the negotiation phase.
Bingcang told reporters that the BCDA will accept the deal following its own review of the unsolicited proposal.
Once approved, the proposed water and wastewater concession will be subjected to a Swiss Challenge, which is expected to take place within the year.
Under this procurement scheme, other companies may submit competing offers for the unsolicited proposal, with the original proponent retaining the right to match any counterproposal.
Based on the proposal, K-Water and Maynilad will operate New Clark City’s water supply through a joint venture company, with the Korean firm holding 40 percent and the Pangilinan-led company with 30 percent.
Bingcang said the BCDA was offered control of the remaining 30 percent to reduce project risks, with the state-run firm also expected to invest.
He said discussions on the project had taken place previously but were delayed after Maynilad made its debut on the Philippine Stock Exchange (PSE) late last year.
In particular, he said the BCDA was unable to tap previously engaged transaction advisers such as the Asian Development Bank, as these entities had invested in Maynilad’s initial public offering (IPO).
Maynilad currently operates the water supply concession for New Clark City under a short-term contract set to expire this year, which will no longer be renewed due to the unsolicited proposal.
Bingcang said New Clark City is currently supplied with around 30 million liters per day, which is expected to increase to between 150 million and 200 million liters per day under the proposed project.
He noted that the unsolicited proposal stemmed from two memoranda of understanding (MOUs) signed by the BCDA in 2024 aimed at developing an advanced water management system across its properties.
Aside from New Clark City, K-Water was also tapped to study similar systems for Camp John Hay in Baguio City and Poro Point in La Union.
The MOUs also cover key areas such as improving water supply stability, identifying new water resources, and reducing leakage.
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