WITH Metro Manila and adjoining provinces already “saturated,” oligarchs behind the country’s biggest water concessionaires are eyeing to expand its operations across the archipelago.
In a news article which first came out in Bilyonaryo, tycoons Enrique Razon, Manuel V. Pangilinan, and Lucio Co are now in a P1-trillion race for water projects in the provinces.
The new battleground, the report added, is across the provinces, where a wave of infrastructure spending and rising demand for water and wastewater services is creating the industry’s next growth frontier.
A new GlobalData report says future growth will increasingly come from Central Luzon, Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon), Visayas region and Davao, driven by “population growth, rapid urbanization, increasing industrial activity and climate change,” which are “intensifying pressure on water resources.”
The report also noted that government-backed infrastructure projects and public-private partnerships are creating significant opportunities for private operators.
GlobalData estimates the Philippines has Southeast Asia’s largest water and wastewater infrastructure pipeline, at $20.2 billion (about P1.16 trillion) in projects planned between 2026 and 2030. It says the country offers “the largest and fastest-growing infrastructure opportunity in the region,” as investments are projected to more than quadruple over the forecast period.
Demand is expected to keep rising. Water distribution is forecast to grow from 3.12 billion cubic meters in 2025 to 3.77 billion cubic meters by 2030, supported by expanding household consumption and commercial activity.
At the same time, the report identifies wastewater as one of the country’s biggest unmet infrastructure needs.
BIGGEST CONTENDERS
The biggest provincial operator is PrimeWater, now owned by Co’s Crystal Bridges Holding Corp. following its acquisition from the Villar family in late 2025. GlobalData estimates PrimeWater is supposed to serve 6.7 million people, making it the country’s largest provincial water utility by customer count.
Next is Manila Water Philippine Ventures (MWPVI), the provincial arm of Manila Water Co., which is controlled by Razon’s Prime Infrastructure. Rather than just operating Metro Manila’s East Zone concession, MWPVI focuses on joint ventures with local water districts and local governments nationwide. The report estimates it serves 1.6 million people and has the country’s largest base of active customer connections, with about 280,000.
Metro Pacific Water, part of Pangilinan’s Metro Pacific Investments Corp., is also expanding outside Metro Manila through bulk water supply, desalination, wastewater treatment and provincial public-private partnerships. GlobalData estimates it serves around 500,000 people.
Completing the field is Tubig Pilipinas Group led by Dexter Tiu, which has carved out a niche in underserved provincial markets instead of competing directly in the country’s largest cities. The report estimates it serves 1.2 million people and says the company has differentiated itself by combining water supply, wastewater management, watershed protection and renewable energy within selected projects.
BEYOND METRO MANILA
Metro Manila remains the country’s biggest water market, accounting for P36.9 billion, or 44 percent of national water sales in 2022.
But GlobalData says “growth opportunities are expanding and diversifying outside of Metro Manila” as economic activity shifts toward rapidly urbanizing provincial markets.
Central Luzon generated P10.8 billion in water sales, followed by Calabarzon (P8.8 billion), Central Visayas (P4.6 billion), Western Visayas (P4.3 billion) and the Davao Region (P3.9 billion).
The report added that “expanding industrial estates, tourism, residential developments, and Business Process Outsourcing (BPO) investments” are creating substantial demand for new water sources, treatment facilities and distribution infrastructure across the regions.
THE NEXT FRONTIER
GlobalData projects that the Philippines will generate 14.5 billion cu. m. of wastewater annually by 2030, making it the second-largest wastewater generator in Southeast Asia after Indonesia. Yet wastewater treatment coverage is expected to improve only to 19.8%, leaving more than 80% of wastewater untreated.
The report says the country remains in a “greenfield expansion phase,” unlike developed markets where investment is focused on upgrading existing systems. Instead, the Philippines needs entirely new sewerage networks, treatment plants and septage facilities, creating long-term opportunities for private operators.
For Razon, Pangilinan and Lucio Co, the race is no longer just about supplying water to Metro Manila. It is increasingly about securing the next generation of customers in the provinces, where urbanization, industrialization and government investment are expected to drive the country’s biggest water and wastewater boom for years to come, Bilyonaryo concluded.