Connect with us

Hi, what are you looking for?

News

Maynilad cites ‘good faith, real efforts’ after SC ruling

MAYNILAD Water Services, Inc. said the Supreme Court had seen the company’s good faith after the tribunal decided to cut the fines imposed on water concessionaires for non-compliance with the Clean Water Act.

“We are grateful that the Supreme Court has taken into consideration our good faith and real efforts to comply with the obligations of the Clean Water Act, as well as our legislative franchise to reduce the amount of our fine,” Maynilad Spokesperson Jennifer C. Rufo told BusinessWorld in a Viber message on Sunday.

In a regulatory filing on Friday, Metro Pacific Investments Corp. (MPIC) said the Supreme Court affirmed an earlier decision that found the Metropolitan Water Works and Sewerage System (MWSS) and concessionaires Maynilad and Manila Water Co. liable for violating Republic Act 9275 or the Philippine Clean Water Act.

Manila Water has yet to respond to a request for comment.

The High Court also unanimously allowed to lower the fines imposed on the two concessionaires to P202.26 million from P921.46 million.

MPIC, the parent firm of Maynilad, also disclosed to the stock exchange that the SC decision affirmed that each of the concessionaires is jointly and severally liable for violating Section 8 in relation to Section 28 of the Clean Water Act.

In 2019, the SC said that Maynilad and Manila Water are each jointly liable with the MWSS to pay P921.46 million covering the period May 7, 2009 to Aug. 6, 2019, or the promulgation date of the decision.

In 2009, the Department of Environment and Natural Resources filed a complaint against MWSS and its concessionaires, Maynilad and Manila Water, for their failure to provide, install, operate, and maintain adequate wastewater treatment facilities for the sewerage system, resulting in the degraded quality and beneficial use of the receiving bodies of water leading to Manila Bay.

Section 8 of the Clean Water Act mandates the connection of existing sewage lines in all subdivisions, condominiums, commercial centers and other establishments, including households, to an available sewerage system within five years from the law’s effectivity in 2004.

On Friday, shares in MPIC climbed by 3.14% to close at P3.61 each.

MPIC, which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — 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

News

A market vendor arranges assorted vegetables inside the Quinta Market in Manila, Sept. 19. Vegetable prices continued to rise in November. — PHILIPPINE STAR/...

News

More policemen are deployed in Divisoria, Manila as the shopping area is expected to draw bigger crowds ahead of the holidays, Dec. 1. —...

News

PHILIPPINE STAR/ RUSSELL PALMA By Arjay L. Balinbin, Senior Reporter A PROPOSED MEASURE seeks to require National Economic and Development Authority (NEDA) Board approval...

News

BW FILE PHOTO THE MANAGEMENT ASSOCIATION of the Philippines (MAP) is seeking the creation of a public-private sector advisory council for various sectors, in...

News

UNSPLASH THE HOLIDAYS shouldn’t be used as an excuse to binge-eat, warned a dietitian.  Christmas is just around the corner and with it comes...

News

MANILA Electric Co. (Meralco) has secured a certificate of exemption from the Department of Energy (DoE) from the competitive selection process (CSP) for the...

You May Also Like

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

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

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...

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...

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.