Mr. Puregold Lucio Co’s low-profile water enterprise

Lucio Co’s Pamana Water Corp. has round 15 branches, serving prospects in choose areas in Pangasinan, Tarlac, Pampanga, Nueva Ecija, Bulacan, Laguna, and Pagadian Metropolis

Final week, Chinese language-Filipino tycoon Lucio Co pulled a shock by buying 100% of Manny Villar’s troubled PrimeWater Infrastructure Company, one of many Philippines’ largest water utility companies, masking 1.7 million households. 

The transaction shocked many because it had been reported weeks earlier that PrimeWater had been in talks with Maynilad mother or father agency, Metro Pacific Investments Company headed by Manny V. Pangilinan. At least the Maynilad chairman had confirmed the talks, telling reporters in Hong Kong, “I believe if it really works for us, if it’s commercially possible for the group, then clearly we’ll check out it extra significantly.” (READ: What’s subsequent for Maynilad after its inventory market debut?)

Lucio and spouse Susan are well-known for being the couple behind the “grocery of the lots” —  Puregold — which grew from a single retailer in Mandaluyong Metropolis in 1998 to 511 shops, as of December 2024, principally in Luzon. Puregold Value Membership Inc. is now the second largest Philippine retailer by way of revenues, subsequent to the Sy household’s SM Retail. 

Whereas Puregold caters to the lower-income courses, the Cos additionally personal the high-end S&R Membership Buying Warehouse. The Co household purchased this in 2006 and has steadily grown the retail chain that caters to the upper-income courses. From solely six shops in 2011, there at the moment are 29 S&R shops that promote principally imported items, largely from the US. 

Additionally they personal Workplace Warehouse, a retail chain that focuses on promoting workplace and college gadgets. 

The Cos’ different high-profile companies that buyers might know are: 

• S&R New York Fashion Pizza, a fast-food pizza chain with 62 shops nationwide 
• Merkado, a mall-based hypermart owned by AyaGold, a three way partnership between the Cos’ Puregold and the Ayala Group. 
• Harbor Level Mall in Subic Bay
• 999 Buying Mall in Binondo, Manila
• Keepers Holdings, liquor distributor which sells imported spirits, corresponding to Alfonso I Mild Brandy, Johnnie Walker, Jim Beam, Jose Cuervo, and Jinro (soju).  

These enterprise ventures have largely made Lucio and Susan among the many richest Filipinos on the Forbes’ World’s Billionaires listing.

However there’s one household enterprise that’s not been extensively talked about as being a part of Lucio Co’s enterprise empire: his water utility enterprise. 

Co owns Pamana Water Company, a water utility agency with round 15 branches in six provinces: Pangasinan, Tarlac, Pampanga, Nueva Ecija, Bulacan, Laguna, and Pagadian Metropolis in Zamboanga del Sur. Co’s publicly listed conglomerate Cosco Capital Included lists the 71-year-old businessman as a member of the board of administrators of Pamana Water. 

Pamana began in 2017 or eight years in the past, promising its prospects that it was “dedicated to be among the best utility corporations within the nation by offering and sustaining clear, secure and adqquate water provide.” 

Mr. Co has chosen to play a visual position in Pamana’s largest department, in Dagupan Metropolis, Pangasinan. Pamana Water District Dagupan Metropolis just lately posted a Fb reel displaying its “chairman Lucio Co” visiting the department and even becoming a member of the workers and a few prospects in a boodle battle. It’s one of many uncommon public appearances of Co that’s accessible on the net.

Pamana Water’s three way partnership with Dagupan Metropolis dates again to 2020, and the utility agency claims to have expanded its service there from 27,677 concessioners in 2020 to 32,181 in 2025. It has laid out an extra 20,310 meters of pipes and elevated its pumping stations from 18 to 24 over the five-year interval.

Pamana Water Dagupan Metropolis says Co’s go to reinforces the “prime quality of service being offered to all prospects and making certain continued operational excellence.” 

Pamana Water’s three way partnership with Dagupan Metropolis was inked on December 4, 2020, with Co himself current throughout the signing in his PBCOM Tower, one of many tallest industrial buildings within the Philippines.

He has additionally graced three way partnership settlement signings with different water districts, such because the one with Candaba Water District, Pampanga, in 2021 or throughout the COVID-19 pandemic. 

The anti-privatization group Water for the Folks Community (WPN), in a December 18 assertion, says Pamana Water has 15 three way partnership agreements within the provinces the place they function. 

It additionally criticized PrimeWater’s sale to Co’s Crystal Bridges, claiming Pamana Water hasn’t been an excellent companion for water districts, citing alleged “shopper complaints” in Nueva Ecija and Tarlac. 

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“Pamana is not any saint. Like PrimeWater, shoppers have criticized Co’s agency for coming into beforehand well-performing water districts, delivering low to no water in Nueva Ecija, and offering soiled or yellowish water in Tarlac, all whereas imposing fee hikes corresponding to these seen in Pangasinan,” mentioned WPN spokesperson Leo Espelimbergo. 

Pamana Water, nevertheless, has claimed to be the “most popular water supplier” in areas in Nueva Ecija, Tarlac, in addition to in Pangasinan, Pampanga, and Laguna. 

Like many Tsinoys, Co and his spouse Susan are media-shy, with hardly any press interviews. He was even absent when his good friend, then-Bacolod mayor Albee Benitez, conferred on Co the title of “adopted son and honorary mayor of Bacolod Metropolis in February 2024. Co’s daughter Camille Clarisse Co-Lao and her husband Michael Stephen Lao represented Co within the ceremony. (READ: Lucio Co’s takeover of PrimeWater ‘injustice’ for Bacolod shoppers – watchdogs)

“The title of Honorary Mayor serves as a distinguished recognition for people who’ve made distinctive contributions to town’s financial development and progress,” town mentioned, citing Co’s initiatives, such because the Bredco port services, Puregold, and the S&R Membership Buying. 

Lucio Co will in all probability should be extra clear and accessbile to the general public after shopping for PrimeWater, what with the quite a few complaints from shoppers and lapses confirmed by regulators. As Rappler’s enterprise columnist Val Villanueva says, when shoppers’ belief is misplaced, the brand new proprietor should work arduous to rebuild it, beginning by being extra clear and open in its dealings. (READ: [Vantage Point] PrimeWater’s sellout: A ghost purchaser and a damaged utility) – Rappler.com