Connect with us

Hi, what are you looking for?

News

BDO helps fund Bulacan, Wawa bulk water supply projects

BDO UNIBANK, Inc. has helped fund the water infrastructure projects of San Miguel Corp.’s Luzon Clean Water Development Corp. (LCWDC) and the Razon Group through loan facilities, affirming its commitment to provide financial support for sustainability.

BDO funded the bulk of LCWDC’s Bulacan Bulk Water Supply Project (BBWSP) and helped extend the long-term loan facility that was used to finance the first and second construction stages of the project, the bank said in a statement on Monday. This covered the treatment and delivery of bulk water to 13 local government units in Bulacan.

BBWSP, a public-private partnership project, is a water treatment plant and pipeline conveyance facility with three stages meant to address the rising demand for clean water in Bulacan.

Through this, LCWDC has been supplying steady and clean water to water districts in Bulacan, and has been expanding its service area coverage.

It also seeks to address issues such as inadequate water supply, low water pressure due to limited distribution systems, and saline water intrusion with groundwater. 

“BDO has been very supportive to us in LCWDC especially in the financing requirements of the Bulacan Bulk Water Supply Project,” LCWDC Director Raoul C. Romulo was quoted as saying.

“Our business relationship with BDO has blossomed since we started banking with them in 2016 and today, it lends support to other projects pursued by the San Miguel group,” Mr. Romulo said.

BDO also supported the required financing of the Wawa Bulk Water Supply Project of Wawa JVCo, a subsidiary of the Razon Group’s Prime Infrastructure Capital, Inc. (Prime Infra).

The Wawa Bulk Water Supply Project is one of the government’s initiatives to help solve the water crisis in Metro Manila and in Rizal. It is meant to help address flooding problems in downstream communities due to typhoons and to protect the eastern part of Metro Manila and lower areas in Rizal, Marikina City, and Pasig City.

“The Razon Group has long-time dealings with BDO. We highly value our relationship with BDO and continue to accord the bank a significant portion of our business,” Prime Infra President and Chief Executive Officer Guillaume Lucci said.

BDO booked an attributable net income of P12.205 billion in the second quarter, up 10.64% from the P11.031 billion in the same period in 2021.

This brought its net profit for the first half to P23.943 billion, 12% higher than the P21.421 billion seen in the comparable year-ago period.

BDO’s shares went down by P1.50 or 1.19% to close at P125 apiece on Tuesday. — KBT

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

The Filipino spirit of giving remains in full force as people prepare for Typhoon Karding which is moving towards the Philippine Area of Responsibility....

Editor’s Pick

Immigration rules are set to be loosened as part of Liz Truss’s mission to boost growth. The Prime Minister is expected to expand the...

News

REUTERS KYIV — The United States warned on Sunday of “catastrophic consequences” if Moscow uses nuclear weapons in Ukraine, after Russia’s foreign minister said...

News

South Korean President Yoon Suk-yeol. — REUTERS SEOUL — South Korean President Yoon Suk-yeol said on Monday “untrue” media reports over his remarks threatened...

News

STOCK PHOTO Image by Stefan Schweihofer from Pixabay TOKYO — The British pound tumbled nearly 5% to an all-time low on Monday as investors...

News

Follow us on Spotify BusinessWorld B-Side Nuclear energy has a bad reputation in the Philippines. That the Bataan Nuclear Power Plant is unfit and unsafe...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.