1 week Ago By N/A (James A. Loyola)
MacroAsia Corporation, a member of the Lucio Tan group of companies, has signed a ₱1.41 billion financing loan agreement with for the Seawater Desalination Plant Project in Lapu-Lapu City. In a disclosure to the Phlippine Stock Exchange, the firm said the agreement was formally executed by representatives of Cebu Summa Water Lapu-Lapu, Inc.
(CSWLL) and Security Bank Corporation as the financing institution. CSWLL is a wholly owned subsidiary of Summa Water Resources, Inc. (SWRI)—with SWRI being 60 percent-owned by MacroAsia through its subsidiary, Allied Water Services, Inc.
“This agreement marks a significant milestone in the development of the project’s initial phase, which now includes the construction of a 20 million liters per day (MLD) desalination plant in Punta Engaño—an increase from the original plan of 15 MLD—and a 500 cubic meters per day (CMD) desalination facility on Olango Island,” MacroAsia said. CSWLL is investing heavily in this transformative project, which aims to address the growing water needs of Lapu-Lapu City and enhance its water security. Together with SWRI and MacroAsia, the company is committed to delivering a sustainable, climate-resilient water solution that supports both the immediate and long-term needs of the community.
MacroAsia said the City Government of Lapu-Lapu has been an essential partner in this initiative, offering steadfast support and collaboration throughout the project’s planning, design, and implementation phases. A Joint Venture Agreement was signed on June 21, 2019 between the City and CSWLL—and a Notice to Proceed was issued on May 13, 2024. The signing of the loan agreement follows the groundbreaking ceremony held on September 18, 2024, which officially launched the project.
With the Joint Venture Agreement, the desalination facilities are on track to deliver a dependable, high-quality water supply for Lapu-Lapu City. This initiative also sets the stage for future desalination projects across the country..
