• GILBERT P. BAYORAN
The Villar-owned PrimeWater, which entered into a joint venture agreement (JVA) with the Bacolod Water District (Baciwa), is up for takeover.
Bacolod City Lone District Rep. Alfredo Abelardo Benitez said on Monday (Dec. 15) he was informed that the sale of PrimeWater was concluded last week.
He, however, did not identify the company that bought PrimeWater, which is facing mounting complaints concerning the quality and reliability of its water services in highly-urbanized Bacolod City.
Last month, Manuel Pangilinan, chairman of Metro Pacific Investments Corp. (MPIC), confirmed they are studying the possibility of acquiring PrimeWater.
Benitez said in a radio interview that about P1.5 billion is needed to modernize all water pipes and related infrastructure of PrimeWater-Baciwa, based on his dialog with the concerned officials.
The lawmaker told the incumbent PrimeWater-Baciwa officials to convince the new owner to improve the JVA provisions, which he described as one-sided.
Benitez said the new owner must immediately invest P1.5 billion for the modernization of PrimeWater-Baciwa and not to wait for the entry of cash flow, citing what Negros Electric and Power Corp. did to Central Negros Electric Cooperative upon taking over the management.
PrimeWater-Baciwa failed to pay P11 million in bulk water deliveries since September, prompting its supplier Bacolod Bulk Water Inc. (BBWI) to issue a final extension until Dec. 14.
A day before the deadline, PrimeWater-Baciwa paid its debts, according to the statement issued by BBWI.
At least 40 percent of Baciwa-PrimeWater’s water supply is sourced from BBWI’s treatment facilities.
Benitez said the next step should be the replacement of aging water pipes, which should be given priority by the incoming owner of PrimeWater. | GB
