This document discusses investment opportunities arising from water scarcity issues in the Philippines. It notes that while the Philippines has abundant water resources, uneven distribution and pollution have led to water access issues. Climate change is exacerbating conflicts between agricultural, industrial, and domestic water users. The document provides background on Philippine water usage and statistics on surface water and groundwater resources to argue that investments in water infrastructure and management could help address water scarcity problems and conflicts over this critical resource.

1. Investment
Opportunities
in
an
Impending
Water
Crisis
“Water,
water,
everywhere,
and
all
the
boards
did
shrink;
Water,
water,
everywhere,
nor
any
drop
to
drink.”
―
Samuel
Taylor
Coleridge,
The
Rime
of
the
Ancient
Mariner
Water
is
the
most
abused
natural
resource.
Though
undervalued
and
often
consumed
free
of
charge,
it
has
no
substitute.
States
went
to
numerous
conflicts
over
this
resource
and
those
with
greater
access
to
water
supply
are
often
more
economically
developed
than
those
facing
scarcity.
As
human
population
and
global
economy
grows,
there
will
be
an
increase
in
conflict
on
the
use
of
fresh
and
potable
water
and
this
will
not
only
be
among
nations
but
also
among
intrastate
users
like
farmers
and
industry.
Climate
change
will
further
exacerbate
the
conflict
because
supply
will
become
less
predictable
with
altered
and
shifting
precipitation
patterns
and
increasing
and
more
intense
evaporation
giving
rise
to
frequent
and
extreme
drought
and
floods.
Philippine
Water
Resource
–
Abundant
but
Under
Threat
Early
Philippine
political
and
economic
history
has
been
linked
with
water
bodies.
Pre-­‐Spanish
Manila
flourished
along
the
banks
of
the
Pasig
River
and
the
settlers
were
called
Taga-­‐ilog
(“from
the
river”)
or
Tagalog.
In
the
Philippines,
water
is
used
for
agricultural
irrigation,
fisheries
and
food
production,
energy
generation,
manufacturing
of
commercial
goods
and
navigation,
proper
sanitation
among
others.
Agriculture
(irrigation
and
fisheries)
consumes
the
most
water,
accounting
for
eighty-­‐eight
percent
(88%)
of
total
water
withdrawals
(Philippine
Water
Supply
Sector
Roadmap,
2003).
In
the
Philippines,
2010
data
from
the
National
Statistical
Coordination
Board
revealed
that
16
percent
of
all
households
remain
without
access
to
clean
and
potable
water.
The
country
is
completely
surrounded
by
numerous
bodies
of
water
that
providing
water
for
everyone
should
not
be
a
problem
but
unfortunately
that
is
not
the
case.
At
present,
the
country
is
experiencing
uneven
distribution
of
water
supply
and
water
scarcity
especially
in
rural
areas.
Water
disputes
arise
from
contending
interests
among
municipal,
agricultural
and
industrial
users.
Agriculture
is
the
greatest
consumer
of
water,
accounting
for
about
80
percent
of
the
total
water
demand
and
yet
it
has
a
lower
priority
than
domestic
usage
in
the
competition
for
scarce
water
resources.
Major
sources
of
contention
and
dispute
in
the
context
of
resource
development
include:
mining,
which
is
often
conducted
in
watershed
areas
and
whose
tailings
contaminate
rivers
and
coastal
waters;
and
energy
development,
often
linked
to
destruction
of
the
natural
habitat
of
marine
species
(offshore
petroleum),
inundation
of
river
systems
(hydropower)
and
contamination/exhaustion
of
groundwater
(onshore
petroleum
and
geothermal).

2. The
continuous
decline
of
groundwater
levels
and
in
saltwater
intrusion
in
coastal
areas
such
as
Metro
Manila,
Cavite,
Iloilo
and
Cebu
is
attributed
to
the
uncontrolled
withdrawal
from
groundwater
aquifers.
All
rivers
in
Metro
Manila
are
already
classified
as
biologically
dead
due
to
uncontrolled
industrial
and
agricultural
development
and
rapid
population
growth
without
the
proper
development
of
waste
disposal
facilities.
DENR
FACTS
AND
FIGURES
ON
PHILIPPINE
WATERS
• 2,400
mm.
–
annual
average
rainfall
• 1,830
sq.
km.
of
Philippine
rivers
and
lakes
cover
61%
of
the
total
land
area
• 50,000
sq.
km.
of
groundwater
reservoir
is
recharged
by
rain
and
seepage
from
river
and
lakes
• 421
principal
river
basins
of
which
18
are
considered
major
river
basins
with
drainage
area
of
>
1,400
sq.
km.
• 53,943
million
cu.
m.
estimated
annual
discharge
of
Cagayan
River,
the
longest
and
largest
river
in
the
Philippines
with
a
ground
water
reserve
of
47,895
million
cu.
m.
• 79
lakes
mostly
utilized
for
fish
production
• 86%
of
piped-­‐water
supply
systems
use
groundwater
as
a
source
• 146
billion
cu.
m.
-­‐
estimated
amount
of
surface
water
and
groundwater
availability
• 6.1
million
liters
per
second
(“LPS”)
–
total
allocation
of
water
for
different
uses
• 1.06
million
LPS
–
surface
water
allocated
for
power
generation
in
Region
2,
the
largest
in
the
country
• 12,
879
LPS
groundwater
allocated
for
municipal
use
in
Region
4,
the
largest
in
the
country
• 59
natural
lakes
and
more
than
100,000
ha
of
freshwater
swamps
• 4
major
groundwater
reservoirs
(Cagayan,
10,000
KM2
;
Central
Luzon,
9,000
KM2
;
Agusan,
8,500
KM2
;
Cotabato,
6,000
KM2
)
which
when
combined
with
smaller
reservoirs
already
identified
would
aggregate
to
an
area
of
about
50,000
km2
• A
survey
of
surface
water
storage
potential
has
identified
sites
for
438
and
423
major
and
smaller
dams
respectively
with
an
estimated
146,000
million
cu.
m.
total
water
resource
potential
The
World
Bank
Group
in
its
report,
Philippines:
Country
Water
Resources
Assistance
Strategy
(2003),
identified
the
country’s
major
water
resources
issues
as
localized
raw
water
shortages,
flooding,
water
pollution,
over-­‐exploitation
of
groundwater
(particularly
in
and
around
the
larger
cities)
and
overuse
of
surface

3. water
resulting
in
inadequate
environmental
flows
for
major
basins
and
sub-­‐
basins.
Dwindling
of
water
supply
can
be
attributed
to
decades
of
resource
mismanagement
due
to
the
massive
degradation
of
the
watersheds
and
river
basins,
which
are
integral
to
the
replenishment
and
maintenance
of
ground
and
surface
water.
The
effects
of
deforestation
and
pollution
on
the
country’s
water
supply
will
be
magnified
by
the
increasing
threat
of
climate
change.
Major
Issues
and
Challenges
Greenpeace
published
a
report,
The
State
of
Water
Resources
in
the
Philippines
(2007),
which
gathered
available
information
regarding
water
resources
in
the
Philippines,
focusing
on
the
issues
of
pollution
and
water
scarcity.
Greenpeace
summarized
the
major
problems
concerning
water
use
and
scarcity
as
follows:
1. Water
supply
and
demand
disparity
where
distribution
of
water
resources
varies
as
to
time
and
place
because
of
different
geographic
and
climate
conditions
prevailing
in
different
parts
of
the
country;
2. Lack
of
water
allocation
formula
as
there
is
increase
of
population
coupled
with
worsening
pollution
of
water,
lack
of
infrastructure
and
facilities
result
in
allocation
issues
and
conflicting
rights
over
limited
water
supply.
Most
of
the
problems
arise
from
an
issue
of
conflicts
of
use
and
water
allocation
especially
in
times
of
drought
or
emergency,
in
which
a
national
policy
mandates
priority
of
domestic
water
supply
over
other
water
rights
like
agriculture;
3. Competition
between
corporations
and
individuals;
4. Weak
water
use
regulation
and
enforcement
in
instances
when
the
investigation
and
processing
of
water
permit
applications
constitute
the
functions
for
which
government
regulatory
agencies
are
not
properly
equipped
in
terms
of
either
manpower
or
resources;
5. Inefficient
water
use
due
to
the
waste
of
water
in
distribution
lines,
irrigation
canals,
leaking
pipes
and
illegal
connections;
6. Depletion
of
groundwater
resources
as
a
result
of
indiscriminate
groundwater
abstraction
by
both
municipal
and
industrial
users
resulting
to
saltwater
intrusion;
and
7. Fragmented
management,
one
of
the
most
critical
issues
in
the
Philippine
water
sector
described
as
the
lack
of
an
appropriate
institutional
framework
that
will
address
the
issues
of
development
and
management
of
water
and
related
resources.
There
are
numerous
government
agencies
and
departments
responsible
for
water
management,
causing
overlaps
of
work
and
conflicts
among
the
agencies.
In
addition,
sector
planning
is
severely
constrained
by
the
lack
of
updated
local
master
plans,
as
well
as
by
the
lack
of,
or
conflicting,
sector
information.

4. Different
methodologies
used
in
monitoring
and
limitations
regarding
the
accuracy
of
data
make
quantifying
actual
improvements
in
water
supply
access
and
coverage
difficult.
These
issues
make
it
a
challenge
for
the
Philippines
to
maintain
high
levels
of
economic
and
social
development
as
well
as
promote
existing
institutions
better
to
support
water
resources
management.
Fragmented
Legal
Framework
In
accordance
with
the
Regalian
doctrine,
the
Philippine
national
government
solely
owns
and
controls
the
country’s
water
resources.
Section
2,
Article
XII
of
the
Constitution
states
that
“all
lands
of
the
public
domain,
waters,
minerals,
coal,
petroleum,
and
other
mineral
oils,
all
forces
of
potential
energy,
fisheries,
forests
or
timber,
wildlife,
flora
and
fauna,
and
other
natural
resources
are
owned
by
the
State.”
In
addition,
“the
exploration,
development,
and
utilization
of
natural
resources
shall
be
under
the
full
control
and
supervision
of
the
State.”
Water
governance
in
the
Philippines
is
very
complex
due
to
the
number
of
institutions
involved,
all
with
different
hierarchical
coverage,
varied
mandates
and
representing
the
interests
of
diverse
constituencies.
As
part
of
its
natural
resource
management
function,
the
Department
of
Environment
and
Natural
Resources
(DENR)
is
the
lead
government
agency
in
charge
of
water
resource
management.
However,
the
responsibility
of
planning
and
managing
the
country’s
water
resources
is
shared
with
several
government
departments,
bureaus
and
attached
agencies
concerned
with
different
aspects
of
water
resource
management.
Also,
local
government
units
(LGUs)
are
required
to
provide
water
supply
subsystems,
communal
irrigation
facilities,
and
implement
social
forestry
and
local
flood
control
projects,
subject
to
the
supervision
and
control
of
the
DENR.
The
National
Water
Resources
Board
(NWRB)
has
the
legal
mandate
for
overseeing
water
governance,
but
has
a
structure
and
budget
that
are
inadequate
to
allow
proper
exercise
of
this
administrative
function.
More
than
30
government
agencies
and
offices
are
involved
in
performing
the
different
aspects
or
components
of
water
resources
management
and
development.
These
agencies
function
separately
dealing
mainly
with
different
sectors
of
water
supply,
irrigation,
hydropower,
flood
control,
pollution,
and
watershed
management.
Fragmentation
among
water-­‐related
agencies
is
evident
in
three
areas
of
concern:
water
supply
and
distribution,
economic
and
resource
regulation,
and
planning
and
policy
formulation.
Key
National
Government
Agencies
Involved
in
Water
Resources
Management
Department
Line
Agency
Functions
National
Economic
and
Development
Authority
(NEDA)
Coordinates
the
preparation
of
national/regional/sectoral
development
policies
and
investment
programs.

5. Department
of
Environment
and
Natural
Resources
(DENR)
National
Water
Resources
Board
(NWRB)
Administers/enforces
the
Water
Code
and
serves
as
the
lead
coordinator
for
water
resources
management
programs.
Forest
Management
Bureau
(FMB)
Formulates/implements
policies
and
programs
for
the
protection,
development,
and
management
of
forestlands
and
watershed
areas.
Environmental
Management
Bureau
(EMB)
Sets
and
enforces
water
quality
and
effluent
standards,
criteria,
and
guidelines
for
all
aspects
of
water
quality
management.
Department
of
Agriculture
(DA)
National
Irrigation
Administration
(NIA)
Undertakes
water
resource
projects
for
agricultural
irrigation
and
other
purposes,
such
as
flood
control
and
drainage,
hydropower
development,
etc
Bureau
of
Soil
and
Water
Management
(BSWM)
Formulates/implements
policies
and
programs
for
the
protection
of
existing
and
potential
sources
of
soil
and
water
for
agricultural
development
Bureau
of
Fisheries
and
Aquatic
Resources
(BFAR)
Establishes
plans
for
the
proper
protection
and
management
of
the
country's
fisheries
and
aquatics
resources.
Department
of
Health
(DOH)
Environmental
Health
Service
(EHS)
Responsible
for
water
supply
and
sanitation
programs
and
strategies
to
forestall
the
spread
of
water-­‐borne
diseases.
National
Power
Corporation
(NPC)
Develops
and
manages
electric
generation
facilities
including
but
not
limited
to
hydroelectric
dams
and
undertakes
other
activities
related
to
watershed
management.
Metropolitan
Waterworks
and
Sewerage
System
(MWSS)
Regulates
water
concessionaires'
rates
and
service
standards
in
Metro
Manila
and
maintains
existing
assets
and
infrastructure.
Local
Water
Utilities
Administration
(LWUA)
Promotes/finances/regulates
the
construction
and
operation
of
local
water
utilities
outside
Metro
Manila.
Source:
Philippine
Water
Supply
Sector
Roadmap
(2010)
The
agencies
that
are
involved
in
water
supply
and
distribution
are
the
following:
(a)
the
Metropolitan
Waterworks
and
Sewerage
Services
(MWSS)
and
its
two
concessionaires
(after
it
was
privatized
in
1997)
for
Metro
Manila;
(b)
the
Local
Water
Utilities
Administration
(LWUA)
and
its
water
district
offices
for
other
cities
and
municipalities;
and
(c)
the
Departments
of
Interior
and
Local
Government
(DILG)
and
Public
Works
and
Highway
(DPWH)
and
local
governments
which
manage
community
water
systems
(usually
involving
point
sources
and
piped
systems
with
communal
faucets.
On
the
other
hand,
the
agencies
that
function
as
resource
regulators
are:
(a)
DENR;
(b)
the
Department
of
Health
(DOH);
and
(c)
LGUs.
Conflicts
with
respect
to
the
power
of
the
water
agencies
vis-­‐à-­‐vis
the
local
governments
have
arisen
because
of
certain
powers
conferred
to
LGUs
by
virtue
of
the
Local
Government
Code
of
1991.

6. As
for
planning
and
policy
formulation,
numerous
agencies
are
involved,
including
the
National
Economic
Development
Authority
(NEDA),
NWRB,
LWUA
and
LGUs.
NEDA
serves
as
the
highest
socio-­‐economic
planning
and
policymaking
agency
of
government.
The
National
Irrigation
Administration,
the
National
Power
Corporation
and
the
Department
of
Energy
are
also
involved
in
planning
and
water
infrastructure
development
with
respect
to
the
requirements
of
the
irrigation
and
power/energy
sectors.
Urgently
Needed
–
A
National
Water
Policy
The
Philippines
is
certainly
in
need
of
a
national
water
policy
that
will
address
the
country’s
current
water
resource
problems.
An
overview
of
the
primary
laws
governing
water
resources
in
the
country
would
show
that
these
are
very
broad
in
scope
and
its
implementation
is
very
lenient.
Selected
Laws
Relating
to
Water
Management
Statute
Purpose/Mandate
P.D.
856
-­‐
Sanitation
Code
of
the
Philippines
(1975)
Requires
cities
and
municipalities
to
provide
an
adequate
and
efficient
system
for
sewage
collection,
transport
and
disposal
in
their
areas
of
jurisdiction
P.D.
1067
-­‐
Water
Code
of
the
Philippines
(1976)
Consolidates
legislations
relating
to
ownership,
development,
exploitation
and
conservation
of
water
resources
P.D.
1152
-­‐
Environment
Code
(1977)
Provides
guidelines
to
protect
and
improve
the
quality
of
water
resources
and
defines
responsibilities
for
surveillance
and
mitigation
of
pollution
incidents
P.D.
1586
-­‐
Environmental
Impact
Statement
System
(1978)
Mandates
the
conduct
of
environmental
impact
assessment
studies
for
all
investments
undertaken
by
the
government
and
private
sector
R.A.
6716
-­‐
Rainwater
Harvesting
Act
(1989)
Mandates
the
construction
of
water
wells
and
rainwater
collectors
in
all
barangays
R.A.
8041
-­‐
Water
Crisis
Act
of
1995
Provides
urgent
and
effective
measures
to
address
the
nationwide
water
crisis
relating
to
issues
on
water
supply,
distribution,
finance,
privatization
of
state-­‐run
water
facilities,
the
protection
and
conservation
of
watersheds
and
the
waste
and
pilferage
of
water,
including
the
serious
matter
of
graft
and
corruption
in
all
the
water
agencies
R.A.
9275
-­‐
Clean
Water
Act
(2004)
Provides
for
a
comprehensive
and
integrated
strategy
to
prevent
and
minimize
water

7. Source:
Adopted
from
the
Philippine
Environment
Monitor
2003
The
Senate
Policy
Brief
entitled
Turning
The
Tide:
Improving
Water
Resource
Management
in
the
Philippines
(August
2011)
mentioned
that
while
there
is
nothing
wrong
with
involving
a
number
of
institutions
in
water
resource
management,
the
problem
lies
in
the
absence
of
a
single
institution
that
has
the
overall
power
and
authority
to
manage
water
resources
in
the
Philippines.
Different
agencies
having
varying
degrees
of
power
and
responsibility
over
water
resource
management
have
caused
a
detrimental
overlap
in
functions
and
conflicts.
Unfortunately,
the
government’s
plan
to
announce
the
creation
of
the
National
Water
Resources
Management
Office,
a
“superbody”
under
the
Office
of
the
President,
which
will
absorb
all
economic
regulation
functions
of
agencies
in
the
water
supply
sector,
did
not
push
through.
The
new
body
was
expected
to
be
mainly
responsible
for
management
and
protection
of
the
country’s
water
resources
for
domestic
water
supply;
sanitation;
irrigation;
hydropower;
fisheries;
aquaculture;
flood
control;
navigation
and
recreation,
including
enhancement
and
maintenance
of
water
quality;
conservation
of
watersheds;
and
control
of
water
pollution
and
environmental
restoration;
without
compromising
the
natural
ecosystems’
functions
and
services.
Similarly,
in
October
2011,
a
bill
(commonly
referred
to
as
“the
Angara
bill”
after
its
proponent)
was
filed
with
Congress,
that
sought
to
adopt
the
integrated
water
resources
management
approach
to
water
supply
management
by
dividing
the
country
into
provincial
water
resource
zones,
within
which
all
water
utilities
would
be
synergized
and
integrated.
This
bill
also
proposed
strengthening
the
NWRB,
renamed
the
Water
and
Sanitation
Regulatory
Authority,
which
would
serve
as
the
lead
agency.
However,
the
bill
did
not
become
law.
Government
also
tried
to
attract
private
capital
by
offering
incentives
through
the
Board
of
Investment,
such
as
income
tax
holidays
or
reduced
income
tax
for
priority
initiatives.
The
Senate
Policy
Brief
stressed
that
all
laws
will
not
be
of
use
if
they
are
not
consistently
and
effectively
implemented
and
suggested
that
Congress
must
use
its
significant
oversight
functions
to
regularly
monitor
water
agencies’
performance
and
hold
them
accountable
for
their
actions
(or
inactions)
as
well
as
ensure
that
these
agencies
are
empowered
with
the
appropriate
budget
to
enable
them
to
effectively
perform
their
duties.
Investment
Opportunities
While
water
infrastructure
is
certainly
lacking,
major
investments
in
water
supply
and
sanitation
programmes
are
not
a
priority
of
local
government
units
pollution
from
land-­‐
based
sources
R.A.
9729
-­‐
Climate
Change
Act
Institutionalizes
the
government’s
climate
change
response
mechanisms
and
harmonizes
existing
policies
and
programs

8. because
of
the
huge
cost
of
capital
financing
which
may
require
huge
subsidies
Despite
the
efforts
of
foreign-­‐assisted
projects
in
institutional-­‐strengthening
and
capacity
building,
many
constructed
water
systems
cease
to
function
and
many
are
in
need
of
rehabilitation
and
improvement.
While
the
government
encourages
private
sector
participation,
the
absence
of
an
effective
and
credible
regulatory
environment
was
given
as
the
main
reason
for
the
lack
of
investments
in
this
sector.
(Hector
Dayrit,
The
Philippines:
Formulation
of
a
National
Water
Vision)
The
NEDA
report
“Philippine
Water
Supply
Sector
Roadmap
2nd
Edition
(2010),
confirmed
that
there
is
no
concerted
effort
to
encourage
public-­‐private
partnerships
(“PPP”)
in
the
water
sector.
Bulk
supply
or
distribution
is
largely
private
sector
initiated
and
is
thus
episodic
and
sporadic
and
there
is
no
clear
policy
on
incentives
and
regulation,
especially
those
dealing
with
LGUs.
NEDA
made
the
following
recommendations
to
encourage
private
sector
investments
in
water
infrastructure:
• The
government
to
issue,
through
a
new
executive
order,
an
investment
policy
for
water
supply
and
sanitation
services;
• Supplement
investment
policy
with
financing
policies
with
categorical
and
operating
policy
guidelines
and
implemented
mechanism
on
rationalization
of
the
allocation
of
public
resources;
• Identify
financing
models
that
leverage
public
with
private
resources;
in
particular
develop
mechanisms
that
make
use
of
the
broader
capital
market,
e.g.,
bond
issuance;
• Ensure
Department
of
Finance
representation
in
the
LWUA
Board
to
have
a
direct
venue
to
influence
its
financing
policies;
and
• Develop
a
concerted
and
targeted
PPP
program.
The
ADB
in
its
report
“Philippine
Water
Supply
Sector
Assessment,
Strategy
and
Road
Map
(2013)”
noted
that
the
absence
of
a
common
methodology
for
tariff
review,
as
well
as
political
pressure
to
keep
tariffs
low—often
below
cost-­‐
recovery
levels—has
often
been
cited
as
a
reason
why
water
utilities
are
reluctant
to
borrow
to
finance
urban
infrastructure
projects.
For
the
same
reasons,
many
of
those
who
seek
financing
are
faced
with
scarcity
of
affordable
medium-­‐
to
long-­‐term
funding,
since
many
lenders,
such
as
commercial
banks,
and
government
financial
institutions
remain
uncomfortable
with
the
current
regulatory
framework
for
the
sector.
Private
sector
attempts
at
working
with
LGUs
have
not
been
so
successful,
as
noted
by
the
Local
Government
Unit
Urban
Water
Supply
and
Sanitation
Project
of
the
World
Bank.
Aside
from
election-­‐
related
issues
due
to
local
leadership
uncertainties
brought
about
by
3-­‐year
electoral
terms,
this
relative
lack
of
success
can
be
attributed
to
the
complexities
of
working
at
the
LGU
level.
Clearly,
there
is
a
lot
of
work
on
the
part
of
policy
makers
to
attract
private
capital
to
the
water
sector
but
everything
boils
down
to
a
revamp
of
the
legal
and
administrative
framework.
If
government
regulators
are
able
to
rationalize
the
institutional
framework
and
enhance
the
PPP
program
with
the
proper
policy
guidelines
and
incentives,
then
the
water
sector
will
be
given
a
serious

9. consideration
by
investors.
Investments
in
water
infrastructure
would
also
be
good
for
the
environment
as
it
is
definitely
good
business
for
companies
to
preserve
watershed
and
catchment
areas
to
ensure
adequate
and
reliable
availability
of
water
in
the
future.
Also,
water
infrastructure
utilities
in
coordination
with
government
agencies
will
be
able
to
conduct
regular
assessments
and
monitoring
of
consumption
patterns
and
trends,
and
efficient
allocation
of
existing
water
supplies.
Conclusion
The
government
must
embark
on
a
“national
water
security
assessment”
to
determine
the
extent
of
its
water
resources
to
provide
the
framework
for
an
integrated,
coherent
and
sustainable
water
resources
management
program.
Following
this
integrated
approach
to
water
resources
development
and
management,
the
government
can
proceed
with
the
streamlining
of
regulatory
procedures
to
attract
investments
into
the
water
sector.
By
defining
the
responsibilities
of
the
various
agencies,
setting
up
a
comprehensive
data
base
for
water
resources
and
laying
down
the
financial
incentive
package,
private
capital
will
surely
take
a
second
look
into
the
potential
of
water
resource
investing
based
on
the
principle
of
sustainability.
Fernando “Ronnie” Penarroyo is the Managing Partner of Puno and Penarroyo Law
Offices (www.punopenalaw.com). He specializes in Energy and Resources Law,
Project Finance and Business Development.