Razon-led East Zone concessionaire Manila Water Co. Inc. secured ₱27 billion in long-term financing from BDO Unibank Inc. to fund its acquisition of the Wawa Dam project, cementing its strategy to diversify water sources for the capital region.

In a disclosure to the Philippine Stock Exchange on Wednesday, Jan. 28, Manila Water said the 15-year loan facility will cover approximately 93 percent of the purchase price for its stake in WawaJVCo Inc.

The acquisition, valued at a total of ₱37.8 billion, transfers control of the strategic infrastructure asset from Prime Infrastructure Inc., another Razon-controlled entity that spearheaded the dam’s development.

Manila Water did not immediately provide details on how it intends to finance the remaining portion of the transaction.

Since assuming control of the facility in June 2025, the company has worked to mitigate its historical dependence on the aging Angat Dam, which has long been the primary source of water for Metro Manila and surrounding provinces.

The Wawa project is engineered to deliver 518 million liters per day through 2050, providing a significant buffer against potential supply crunches caused by climate volatility or infrastructure strain.

The investment comes as Manila Water continues to expand its footprint across its concession area. The company reported a total of 1.2 million water connections as of late November, bolstered by the addition of 19,421 new service links throughout 2025.

To support this growth, the utility extended its network by 92.59 kilometers of piping while maintaining a non-revenue water level—a key metric representing water lost to leaks or theft—below 15 percent, a figure that remains among the lowest in the region.

Manila Water’s service area encompasses the densely populated eastern corridor of Metro Manila, including Makati, Pasig, and Quezon City, as well as the rapidly developing province of Rizal.