Bizman Lucio Co pledges PHP 3B to modernize Bacolod water

By Dolly Yasa

BACOLOD CITY — Billionaire businessman Lucio Co has pledged up to PHP 3 billion to upgrade Bacolod City’s aging water system under the ongoing partnership between Bacolod City Water District (BACIWA) and PrimeWater Infrastructure Corp., Rep. Albee Benitez said Thursday.

The announcement followed a meeting between Benitez and Co on December 18, where they discussed the capital requirements necessary to overhaul the city’s outdated water infrastructure.

Benitez said the original modernization plan was projected to cost PHP 1.5 billion, but Co committed to double the investment to PHP 3 billion to accelerate system improvements and address persistent service issues.

“Mr. Lucio Co has the capital, track record, and technical capability to take over PrimeWater and pour in the massive investment needed to finally modernize Bacolod’s water system,” Benitez told reporters Thursday night during an advance celebration of his birthday.

“Government alone cannot raise this level of funding at the speed required. What matters is that the people of Bacolod get reliable, safe, and affordable water service—and this commitment brings us closer to that goal,” he added.

Co’s investment comes as his company, Crystal Bridges Holding Corp., moves to acquire 100 percent of PrimeWater from the Manny Villar-owned Prime Asset Ventures, Inc.

The sale is currently awaiting approval from the Philippine Competition Commission.

Benitez said Co’s group is expected to assume operational control of PrimeWater by early January 2026.

As part of the ownership transition, the incoming management will conduct a full review of the Joint Venture Agreement between BACIWA and PrimeWater.

Benitez said this will include settling all outstanding financial obligations such as penalties, royalties, and payments owed to suppliers.

He also addressed public speculation and social media commentary, stating, “I want to be very clear that I have no financial interest in Crystal Bridges or in this transaction.”

Benitez pointed to Co’s existing business ventures, including Puregold Price Club Inc. and S&R Membership Shopping, as proof of the tycoon’s capacity to sustain major infrastructure investments.

The funding commitment comes amid fresh calls from the BACIWA Employees Union for a full government takeover of the water district.

However, Benitez maintained that private sector involvement remains essential.

“The scale of modernization needed goes beyond what government resources alone can provide,” he said, reaffirming that the priority is to improve water reliability and service quality for Bacolod residents.