Metro Pacific in full control of Rio plant

By NITZ ARANCON
Correspondent .

NOW it can be told.

The Manny V. Pangilinan-owned Metro Pacific Water Investments Corp. is not buying water from Rio Verde Water Consortium Inc.. Rather, the Pangilinan group has taken over the production and delivery of treated water from Bukidnon to the Cagayan de Oro Water District (COWD).

COWD chairman Eduardo Montalvan yesterday revealed that Metro Pacific, through the Cagayan de Oro Bulk Water Inc. (Cobi), has been operating and handling maintenance operations of Rio Verde’s facilities in Barangay Pualas, Baungon town in Bukidnon.

Montalvan also disclosed that Metro Pacific and Rio Verde already had an operation and maintenance agreement even before COWD and the Pangilinan group finalized a 2017 joint venture agreement.

“Ingon nila nga ngano kuno nga misugot kami nga ang Cobi mopalit ra gihapon og tubig sa Rio Verde. Dili man sila gapalit ug tubig sa Rio Verde. Sila (Cobi) man ang nagpadagan sa Rio Verde,” Montalvan said.

He added: “Dili lang namo hibal-an ang detalyi sa ilang operational and management agreement.”

Montalvan said the set-up also explains why Rio Verde did not participate in the COWD bidding for bulk water supply because it already had an agreement with Metro Pacific.

Montalvan’s revelation, in effect, belies earlier claims that Metro Pacific was considering three options: 1) buy water from Rio Verde; 2) rent or buy Rio Verde’s facilities; or 3) set up its own facilities.

Montalvan said he only learned about the Metro Pacific-Rio Verde deal during a recent meeting between COWD and Cobi officials. The COWD chairman and general manager sit in the board of directors of Cobi, a new firm created by the COWD-Metro Pacific joint venture agreement.

He said COWD had thought that Cobi was merely buying treated water from Rio Verde.

“Nasayop lugar mi ana kay pag-meeting lugar, nag-ingon man dayon ang Cobi nga  dugay ra nga sila nag-operate sa Rio Verde. So sa karon, ang Cobi na ang operator sa Rio Verde,” Montalvan said.