Manila: The change in ownership and corporate name of PrimeWater Infrastructure Corp. does not erase its existing obligations to consumers, contractors, and local water districts, a Senate panel said Thursday as it scrutinized whether its new owner has the financial capacity to address long-standing service problems. Senate Committee on Public Services chair Senator Raffy Tulfo stated that Crystal Bridges, Inc., which acquired PrimeWater before it was renamed Hiraya Water Corp., inherited not only the company's assets and revenues but also its debts, contracts, unfinished commitments, and pending obligations.
According to Philippines News Agency, Crystal Bridges acquired PrimeWater on Dec. 12, 2025, while the Philippine Competition Commission cleared the transaction on April 7, 2026. PrimeWater formally changed its name to Hiraya Water Corp. on June 10. The panel also questioned the new owner's financial capacity to meet the scale of the obligations it inherited. Based on Securities and Exchange Commission records cited during the hearing, Crystal Bridges declared only PHP312,500 in total assets before acquiring PrimeWater, which carries about PHP100 billion in capital expenditure commitments under its joint venture agreements (JVAs) with local water districts and PHP23.7 billion in existing debt.
Tulfo likewise scrutinized Hiraya's initial PHP6.7-billion rehabilitation program, noting that if divided among 75 water district JVAs, the amount would average only about PHP89 million per partnership, excluding its separate contracts with private subdivisions. Among the planned investments are PHP500 million for 14 projects in Lucena, Quezon and PHP600 million for rehabilitation and expansion works in Dasmari±as, Cavite. Tulfo said these investments are already part of existing JVA commitments and should not be used to justify higher water rates.
The senator also raised unpaid claims by contractors that previously undertook construction and repair work for PrimeWater. MMVA 346 Construction is claiming PHP4.21 million, while R. Abalos Construction is seeking about PHP96 million in allegedly unpaid obligations dating back to 2023. 'PrimeWater may now be Hiraya, but a new name does not erase old commitments,' Tulfo said.
Despite the change in ownership and corporate identity, consumers continue to report unreliable water supply, high bills, limited service hours, and poor water quality. Tulfo said Hiraya must now demonstrate that its rehabilitation program and new investments will translate into concrete improvements. 'Hindi utang na loob ang maayos na tubig. Binabayaran ito ng ating consumers (Proper water service is not a favor. Consumers pay for it). Hiraya means hope - but today, we need more than hope. We need answers, timelines, and results,' he said.
