Lucio Co Family Commits P6.7 Billion to Primewater for Infrastructure Overhaul

MANILA, Philippines — Crystal Bridges Holdings Corp., a holding firm owned by the family of retail tycoon Lucio Co, has earmarked more than P6.7 billion for the initial phase of its rehabilitation and expansion program for Primewater Infrastructure Corp., following the completion of its acquisition of the water utility in May. The investment will fund infrastructure upgrades and service improvements across the company’s network as its new owner begins implementing its turnaround strategy. “Crystal Bridges is dedicating significant resources toward the revitalization of our water systems. Access to clean water remains one of the country’s most fundamental needs. Under our management, we aim to strengthen our capacity to provide reliable water services to communities across the Philippines,” said Jose Paulino Santamarina, director of Crystal Bridges. The company said the initial capital outlay would finance projects covering the entire water supply chain – from the development of new water sources to the rehabilitation and modernization of existing distribution systems. Planned projects include the construction and rehabilitation of water treatment plants, pumping stations, and septage treatment facilities, as well as the installation and replacement of transmission and distribution pipelines. Crystal Bridges also plans to build new reservoirs and booster pumping systems to improve water pressure, expand network coverage, and enhance service reliability. The projects will be implemented across its water districts nationwide. The company said the program is expected to benefit millions of customers by improving water availability, service reliability and system capacity. “We understand the urgency of providing communities with access to clean and reliable water,” said Santamarina. “We are working at full capacity to address existing issues as quickly and efficiently as possible.” The company said the P6.7-billion allocation represents only the first phase of its investment program. Additional capital expenditures are expected to be rolled out through 2027 as Crystal Bridges completes a broader assessment of the utility’s assets and operational requirements.