PrimeWater sold by Villars to PureGold's Co in '100% full ownership transfer' deal

Manila: PrimeWater Infrastructure Corp., one of the Philippines’ largest water and wastewater services providers, has changed hands from the influential Villar family to a business controlled by Lucio Co's family, it was reported on Tuesday (December 16, 2025).

PrimeWater, owned by property billionaire and former Senate President Manuel Villar Jr., has signed dozens of joint venture agreements (JVAs) with government-linked local water districts across the country.

On Tuesday, it was announced that Crystal Bridges Holding Corp., an investment vehicle of billionaire Lucio Co and the Lucio Co Group, has agreed to acquire 100 percent of PrimeWater from the Villar family’s holdings.

The deal transfers full ownership of PrimeWater — one of the Philippines’ largest water and wastewater services providers — away from the Villars.

The acquisition was finalised through definitive agreements to buy the entire portfolio of PrimeWater’s operations across the archipelago, local media including the GMA Network reported.

The financial terms were not publicly disclosed,

PrimeWater, previously controlled by Prime Asset Ventures Inc. (owned by the Villar family), has long been a major player in private-sector water delivery through joint venture agreements (JVAs) with government-linked local water districts. 

It provides treated water and wastewater services to millions of Filipinos in Luzon, the Visayas, and Mindanao — with operations spanning over a hundred cities and municipalities across 16 regions and about 1.7 million service connections, as per InsiderPH.

However, PrimeWater’s expansion has been controversial. 

The company has faced widespread consumer complaints about corporate capture of utilities, poor water supply, low pressure, frequent service disruptions, and unmet infrastructure commitments under its JVAs with public water districts.

This has prompted calls for Congressional investigations and even contract terminations by some local governments.

The controversy centres on allegations of "conflict of interest" during Mark Villar's tenure as DPWH Secretary (2016-2021), when the Local Water Utilities Administration (LWUA) — then an attached agency under DPWH — oversaw a surge in joint venture agreements (JVAs) awarded to PrimeWater Infrastructure Corp., a company owned by the Villar family. 

PrimeWater's JVAs with local water districts jumped more than ten-fold, from seven before Villar's DPWH headship to 75 by the end of his term in 2022.

This has prompted allegations and probes into potential favouritism and service failures like poor water quality. 

President Ferdinand Marcos Jr. ordered an LWUA investigation in 2025 amid consumer complaints, with LWUA Administrator Jose Moises Salonga citing a “possible conflict” linked to DPWH oversight.

Critics have highlighted alleged irregularities in contracts and questioned whether its extensive concessions serve public welfare effectively. 

Findings were submitted to Malacañang. Villar denied involvement, stating he did not participate in any PrimeWater transactions. ​

The acquisition by Lucio Co’s group represents both a major shift in ownership and a potential opportunity to address the utility’s service problems as it enters a new phase under different corporate leadership.

It's not immediately clear whether or not the change of hands could untangle the alleged web of controversy amid on-going investigations into PrimeWater's business dealings.

Separate DPWH scandals involve graft charges against officials and contractors for substandard flood control projects and ghost works.

A House resolution seeks further inquiry into PrimeWater's JVAs.