BDO bankrolls San Miguel, Razon water infra projects
The country’s largest lender, BDO Unibank Inc., is funding the water infrastructure projects of conglomerates led by tycoons Ramon Ang and Enrique Razon in line with its commitment to sustainability.
The Sy-led bank said on Tuesday it had provided financial support to San Miguel Corp.’s Luzon Clean Water Development Corp. (LCWDC) and Razon Group’s Wawa Bulk Water Supply Project, without disclosing the specific amounts.
LCWDC is a project aimed at providing water services to Bulacan province through the public-private partnership project Bulacan Bulk Water Supply Project (BBWSP), a water treatment plant and pipeline conveyance facility.
“BDO has been very supportive to us in LCWDC especially in the financing requirements of the BBWSP. 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,” LCWDC director Raoul Romulo said.
The P26-billion Wawa Bulk Water Supply Project of Razon’s Prime Infrastructure Capital Inc., meanwhile, is aimed at augmenting water supply in Metro Manila and the province of Rizal. It is also designed to address typhoon-related flooding across Metro Manila, 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 CEO Guillaume Lucci said.
BDO said it would continue to finance infrastructure projects that contribute to sustainability and economic growth.
The listed financial institution recently raised $100 million through an offering of bonds, proceeds of which were earmarked for projects promoting sustainable water resources and cleaner seas.
In the first half, the Sy-led bank grew net income by 12 percent to P23.9 billion on the back of its core businesses. Consumer loan portfolio rose by 9 percent.
