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Maynilad water rates to go down by P4.79 per cubic meter

Foreign exchange rate fluctuations cited for reversal of previous announcement

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AFP FILE PHOTO

MANILA, Philippines — Customers of the Maynilad Water Services Inc. will now enjoy a 10-percent drop in the average rate per cubic meter instead of the previously announced hike resulting from fluctuations in the foreign exchange rate.

The concessionaire for water services in Greater Manila Area’s west zone said on Thursday the average rate would decrease by P4.79 per cubic meter, thanks to a P978-million gain in a financing transaction that was closed last March.

Back then, when the peso traded at an average of P40.71 to a US dollar, Maynilad refinanced over $120 million in loans. It took the firm some three months to figure out the exercise’s impact on rates.

The new forex-influenced rate adjustment, which will take effect on July 6 and will be good until yearend, already takes into account the 17-centavo hike announced earlier this week.

This reduction will be reflected in the bills for August until January 2014.

Last Monday, Maynilad announced that its average rates would slightly increase in the third quarter due to the weakening of the peso against other currencies.

But now, average and all-in rates including value-added tax and other charges will go down to P41.77 per cubic meter from P46.56.

Lifeline customers who consume 10 cubic meters or less every month will pay P11.01 less in their August bill. The average household, which use up to 30 cubic meters, will enjoy a reduction of P85.32 in their total bill.

Under the concession agreement with the government, Maynilad must pass on to customers the gains or losses arising from the payment of foreign currency-denominated loans from banks and concession fees.

Rates adjustments related to foreign exchange changes do not affect the company’s revenues and net income.

Regulators are currently reviewing a proposal from the two concessionaires, the other being Manila Water Co. Inc., which both want to raise their basic charges.

Manila Water wants an additional P5.83 per cubic meter while Maynilad is shooting for an increase of P8.58.

Originally posted at 5:20 p.m.


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Tags: Consumer Issues , Maynilad , water rates

  • joboni96

    for 10 years ago i paid p120 per month
    now i pay P1200 per month, at least

    more reason to nationalize these water companies now
    it’s a commodity, using old technology

    kick out all foreign investors
    by selling to pilipino consumers

    benchmarking will have to be used
    to monitor performance as a public corporation

  • John Fereira

    GREED…………………….

  • disqus_ZrxaGjUzMQ

    THIS IS A TRICK BY THE WATER COMPANIES — THEY WILL STAB THE FILIPINO CONSUMER WHEN you are not looking

  • bongarroyo

    ang mga pinoy talaga oo pag tumataas ayaw at pag bumababa naman ayaw pa rin.

    huwag na kaya kayong uminom at maligo. lol

  • bogli_anakdami

    ay sus ginoo… ‘tang inang imperial manila is underwater… dapat libre ang tubig, di ba? yun lang…

  • kismaytami

    Bulok ang style ng Maynilad, magbaba nang kaunti tapos doble ang itataas para makabawi at kumita pa! Matagal na yang estilo ng mga oil companies. Ano ba yan manny pangilinan, wala ka bang ibang maisip na estilo para kumita? Ganyan din ang style mo sa Meralco eh.

  • http://www.wanderfulexperience.info/ Ellen Bernardino

    Mabuti naman nagkaron din ng magandang balita, kasi puro na lang tataas, tulad ng nakaambang pagtaas ng Meralco.. hay sana naman hindi yan palabas lang pero itataas din pagkaraan ng isang buwan…

  • doncleo

    Panloloko na naman to ng Maynilad Waters magtataas kayo ng P8 tapos ibaba ng P4 sa July e tag ulan na yan talaga naman mahina ang kunsumo ng tubig.kapag tag ulan.



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