K-water Secures Preferred-Negotiator Status for Philippine Water Project Worth 350 Billion Won

[Financial News] Korea Water Resources Corporation (K-water) has secured preferred-negotiator status for the first phase of a water infrastructure project in New Clark City, Philippines, worth approximately 350 billion won.
According to K-water on the 15th, President Yoon Seok-dae received a certificate awarding preferred-negotiator status from Joshua Bingcang, head of the Bases Conversion and Development Authority (BCDA), at the BCDA headquarters in Taguig City, Philippines, on the 14th. K-water formed a consortium with local water utility Maynilad.
New Clark City is a 94.5-square-kilometer planned city under development 100 kilometers northwest of Manila. The project is a public-private partnership (PPP) to build, operate, and manage water intake, water supply, and sewage facilities to provide water to approximately 860,000 future residents. More than 1 trillion won is expected to be invested in the overall water infrastructure project.
K-water began a feasibility study in August 2024 and submitted its final project proposal in January this year. The proposal includes the Philippines’ first underground water storage dam, an AI-powered water treatment plant, and smart water network management technology.
BCDA plans to conduct a Swiss Challenge, a competitive process inviting alternative proposals, in accordance with Philippine PPP laws. The two sides expect to sign a contract within the year, while K-water will conduct a final feasibility review in accordance with its internal procedures.
Yoon also met with Bingcang to discuss the contract schedule and cooperation on developing Unicorn Valley, a smart green industrial complex in New Clark City. He also discussed the direction of follow-up projects with Maynilad executives. Once the project is finalized, Korean water-industry equipment and engineering companies are expected to pursue joint entry into the Philippine market.
Yoon Seok-dae said, "It is a meaningful achievement that the advanced AI and smart water-management capabilities accumulated by the Republic of Korea have officially earned recognition and trust in the development of one of the Philippines’ key national new cities."


[email protected] Choi Ga-young Reporter