BCDA inks joint venture with Prime Water consortium

The Bases Conversion and Development Authority (BCDA) has signed a joint venture agreement (JVA) with a consortium led by Prime Water Infrastructure Corp. for the water and wastewater infrastructure project in New Clark City.

The Manila-based Asian Development Bank said the JVA was signed on Monday, December 17. The multilateral lender advised the BCDA on the project.

The consortium counts as members Prime Assets Ventures Inc., MGS Construction Inc., and Israel-based infrastructure firm TAHAL Group.

In its bid submitted on November 12, 2018, the consortium committed to offer P9.45 per cubic meter for water services, and the same amount for wastewater services, resulting in a total tariff of P18.90 per cubic meter for both services over the first five years of the 30-year joint venture.

“By offering state-of-the-art water and wastewater services at competitive rates, we are staying true to BCDA’s promise for New Clark City to become the Philippines’ most attractive destination for residences and businesses, and the action-oriented ethos of President Rodrigo Duterte’s administration,” said BCDA President and Chief Executive Officer Mr. Vivencio Dizon.

“The joint venture agreement establishes an innovative framework that equitably balances risks and returns, offering one of the lowest tariffs across the country while ensuring the availability of next generation smart water and wastewater services,” said Yoji Morishita, head of ADB’s Office of Public-Private Partnership.

New Clark City is a 9,450-hectare development within Clark Special Economic Zone (CSEZ) which houses government offices, as well as a stadium for the Philippine hosting of the 2019 SEA Games. —Jon Viktor Cabuenas/VDS, GMA News