Lucio Co group buys troubled PrimeWater, consumers still aggrieved

MANILA, Philippines – Acquisition by another tycoon.

That’s the response of the troubled PrimeWater to mounting grievances by its millions of consumers who now call the Villar-led company “crime water.”

The Villar group confirmed on Tuesday, December 16, that 100% of PrimeWater had been acquired by Crystal Bridges Holding Corporation, the investment firm of Puregold tycoon Lucio Co. Crystal Bridges is owned by Co’s children, with Puregold heir Vincent Co as chairman and president, according to the company’s 2025 general information sheet.

“Crystal Bridges Holding Corporation of the Lucio Co Group has entered into definitive agreements for the acquisition of 100% of PrimeWater Infrastructure Corp,” the Villar group said in a statement Tuesday.

Crystal Bridges will take over in the middle of multiple investigations and local governments wanting to preterminate all over the country.

On the ground in Bacolod City, consumers are frustrated by the sale.

“Now that PrimeWater is in hot water, it is simply being sold to another private entity. Is this the solution? Where is the accountability? Will PrimeWater be allowed to walk away without consequences? Is this yet another attempt to fool the Bacolodnons?” the Bacolod City Water District Employees Union said in a statement.

Bacolod City just averted a major water crisis this weekend. PrimeWater had not paid three months of outstanding bills to its water supplier, and the subcontractor had threatened to cut the water line. Emergency negotiations ended in a clutch commitment by PrimeWater to pay on Saturday, December 13, or a day after the deadline.

PrimeWater not paying its subcontractors is not an isolated incident as Rappler had reported on another contractor involved in at least two water districts. Senator Raffy Tulfo, chair of the Senate public works committee investigating PrimeWater’s failure of obligations in at least half of its nearly 80 joint venture agreements, had also cited another case of an unpaid contractor.

San Fernando, Pampanga Mayor Vilma Caluag appealed to the Co group, the new owners: “Palayain na nila kami, pakawalan na nila kami, nagmamakaawa ako sa kanila, para naman mabawasan naman ang challenges namin sa siyudad ng San Fernando,” the mayor told Rappler over a phone call Tuesday evening.

(Free us, let us go, I am begging them, so we could reduce the challenges we face here in San Fernando.)

Caluag unilaterally suspended PrimeWater’s business permit in her city, which is now being pitched as a blueprint for other localities that want out of the 25-year deal. The water district, which is under the Local Water Utilities Administration, had also preterminated the contract, according to Caluag. But PrimeWater’s technique has always been to take to court whoever attempts to break free, and “most of the time,” they win, said Tulfo during a Senate hearing.

Caluag said PrimeWater had been allowed three catch-up plans in San Fernando, but services did not improve. Since doing a full offensive on PrimeWater, Caluag said the constituents have experienced some relief in water services.

“Ayaw na naming magkasuhan, wala naman kaming ibubuga kapag kasuhan na. Sana palayain na lang nila kami, makapag-move on na kami, at makapagtrabaho na kami ng maayos.” (We don’t want a legal battle anymore, we don’t stand a chance. So, I hope they let us go so we can move on, and we can get to work.)

Before this acquisition, PrimeWater was wholly owned by Prime Asset Ventures of Manuel Paolo Villar, the son of former senator Manny Villar, and brother of senators Mark Villar and Camille Villar. It was during the time of Mark Villar as secretary of the Department of Public Works and Highways under the Duterte administration when PrimeWater rapidly grew, increasing its joint venture agreements by five-fold. From 15 JVAs by the end of 2015, they now have 77 JVAs nationwide.

Half have been wanting to forfeit PrimeWater’s performance bond, according to Rappler’s analysis of audit reports, and half have been wanting to preterminate the contracts, according to Tulfo’s survey of its partner water districts.

Kabataan Representative Renee Co told Rappler in an earlier interview that PrimeWater under Villar should be criminally investigated “for estafa, syndicated estafa, and graft, if officials are involved.”

“The government should freeze assets and require performance bonds to make sure contractors, water districts, and consumers get paid and protected,” said Co. – Rappler.com