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Enrique Razon’s Prime Infra Consolidates Water Assets with ₱37.8 Billion Manila Water Deal
MANILA – Filipino billionaire Enrique Razon Jr. is consolidating his water utility assets under Manila Water in a major strategic move valued at ₱37.8 billion (US$671 million), further cementing his dominance in the Philippines’ infrastructure sector.
Manila Water Co., which services the eastern portion of Metro Manila, announced it is acquiring WawaJVCo, the private developer and operator of the Wawa Dam bulk water supply project located in Rizal province, approximately 30 kilometers east of Manila. Both firms are linked through their parent company, Prime Infrastructure Capital Inc., Razon’s flagship investment firm.
In separate disclosures, both Prime Infra and Manila Water highlighted the transaction’s strategic importance. According to the companies, the acquisition will enhance operational efficiency, ensure long-term water security, and improve supply reliability for Manila Water’s 7 million customers in the capital region and surrounding provinces.
Strengthening Manila’s Water Security
The centerpiece of the acquisition is WawaJVCo’s 30-year bulk water supply agreement with Manila Water, which secures the supply of up to 518 million liters per day (MLD) from the Wawa Dam system.
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“This acquisition is financially accretive and strategically aligned with our long-term operational and water security objectives,” Manila Water said in its statement. With this move, the utility now gains access to two major bulk water supply facilities, which is expected to boost delivery capacity and redundancy during peak demand or emergency conditions.
The deal’s initial payment will be made upon the closing of the transaction on August 29, with the remaining balance to be paid in installments under terms to be finalized between the parties, according to Manila Water.
Prime Infra’s Growing Energy and Infrastructure Empire
The latest water deal is part of a broader strategy by Razon, the second-richest Filipino with a real-time net worth of $12.9 billion, to consolidate and expand his holdings in high-growth infrastructure assets.
Razon’s Prime Infra has been actively expanding into energy, water, and waste management sectors. The company is a significant stakeholder in the Malampaya gas field, the Philippines' most important natural gas asset. Just last month, Prime Infra made headlines again by signing a ₱50 billion deal to acquire a 60% stake in gas assets owned by First Gen Corp., a Lopez family-backed energy firm.
Diversified Interests: From Ports to Casinos
Outside infrastructure, Enrique Razon is best known for his global logistics firm International Container Terminal Services Inc. (ICTSI) and gaming business Bloomberry Resorts Corp., which operates the Solaire and Solaire North casino resorts in Metro Manila.
Razon’s unique portfolio—spanning ports, power, water, and entertainment—has made him one of the Philippines’ most influential business magnates. His firm Prime Infrastructure was previously preparing for an IPO in 2022 but postponed the listing due to volatile market conditions. However, the current trajectory suggests renewed momentum in deploying capital into critical national assets.
Outlook: Infrastructure at the Core of Economic Growth
The consolidation of WawaJVCo under Manila Water reflects a broader push by both the private and public sectors to invest in resilient infrastructure to meet rising demand in urban areas. It also strengthens Razon’s footprint in utilities, a sector deemed vital for economic recovery and climate resilience in the Philippines.
As Metro Manila and nearby provinces continue to grapple with intermittent water shortages and the risks posed by El Niño and climate change, the integration of bulk water assets into a unified system could help ensure stable supply and efficient delivery for millions of residents.
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