Manila Water gets tax incentives for P2-B expansion
Thomson Financial
First Posted 11:47:00 03/28/2008
MANILA, Philippines -- Manila Water Co. Inc. said on Friday it has obtained regulatory approval and tax incentives for a project worth more than P2 billion that will expand its business in Antipolo town, east of the Philippine capital.
The Board of Investments has approved Manila Water's application as an expanding water supplier in Antipolo, giving the company a three-year income tax holiday for the project starting this year.
The project involves the construction of three pumping stations, two reservoirs and transmission lines to make water available in elevated areas in Antipolo, Manila Water said in a statement.
Manila Water is partly owned by Philippine conglomerate Ayala Corp. and Japan's Mitsubishi Corp. It won in 1997 a 25-year water supply concession, which covers parts of metropolitan Manila, from the government.
Manila Water previously said it was bidding for projects in Hong Kong, Vietnam and India.
At 11:23 a.m. (0323 GMT), Manila Water shares were flat at P17.75. Ayala Corp. fell P7.50 or 1.9 percent to P390.00. (By Enrico dela Cruz)
($1 = P41.91)
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