Connect with us

Hi, what are you looking for?

News

Manila Water unit secures P200-M loan for expansion

A UNIT of Manila Water Co., Inc. has signed a P200-million 10-year term loan facility to fund the refurbishment, expansion, and improvement of its service facilities area, the listed firm said on Monday.

In a stock exchange disclosure, Manila Water said the proceeds of the loan will be used by Bulakan Water Co., Inc. “to finance the refurbishment, expansion, and improvement of the service facilities and the water source and distribution system, and provision of sanitation services in the [subsidiary’s] service area.”

Bank of the Philippine Islands extended the loan.

Bulakan Water is a joint venture between Filipinas Water Holdings Corp. and the Bulacan Water District. Filipinas Water is a consortium of Manila Water and its unit Manila Water Philippine Ventures, Inc.

In a separate media release, Manila Water said that it developed a service continuity plan for the company’s five-year service improvement plan for 2023 to 2027.

Under this program, the company targets to spend about P37.7 billion for the rehabilitation and improvement of its existing water treatment plants, pump stations and reservoirs including the Balara Treatment Plant, East La Mesa Treatment Plant, chemical and chlorine houses and 80 pump stations and reservoirs.

“These projects which will help the company maintain its compliance to water quality standards, and improve service reliability, operational flexibility, and efficiency to maintain its current 24/7 uninterrupted water supply,” Manila Water said.

The company has also allocated about P23.8 billion for “pipelaying of reliability lines, regular maintenance of mainlines, and rehabilitation and replacement of aged primary lines.”

Manila Water said that it has also set aside P14.8 billion for its planned network efficiency and technology, and P2.8 billion for mainline extension projects.

Meanwhile, the company has allocated P2.7 billion for natural calamity risk mitigation projects, which aim to temper the impact of climate change on the supply and distribution of water.

It said the projects involve the construction of emergency reservoirs and pipe bridges, and retrofitting and flood-proofing of facilities, reservoirs, and package treatment plants.

In 2022, Manila Water announced that it had reached a total of 7.4 million customers after it expanded its coverage to 1.3 million water service connections.

The water concessionaire serves Manila’s east zone network, which comprises Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns of nearby Rizal province.

At the local bourse on Monday, shares in the company declined by 12 centavos or 0.6% to end at P19.88 apiece. — Ashley Erika O. Jose

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Editor’s Pick

<?xml encoding=”utf-8″ ??> Aspect is the well-known property maintenance company in London that is recognised for its signature yellow and blue vans, which are...

Editor’s Pick

<?xml encoding=”utf-8″ ??> The Wakelet Microsoft 365 Children’s Parliament backed by The Express, is proud to announce that James Caan CBE, the former Chairman...

News

THE TOWERING BUILDINGS of Makati’s central business district are seen in the background in this May 13, 2020 file photo. — PHILIPPINE STAR/ MIGUEL...

News

A Philippines peso note is seen in this illustration on June 2, 2017. — REUTERS THE PHILIPPINES could benefit from the proposed Maharlika Investment...

News

PASSENGERS queue before the check-in counters at the Ninoy Aquino International Airport (NAIA) Terminal 3 after flights were canceled due to technical issues on...

News

By Arjay L. Balinbin, Senior Reporter METRO PACIFIC Investment Corp. (MPIC) expects to generate P500 million in revenue from its dairy business by 2025,...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.