Metro Pacific chair Manuel V. Pangilinan and chief finance officer David Nicol
Infrastructure holding firm Metro Pacific Investments Corp. has expanded its footprint in the water sector with a new P1.62-billion project to modernize Dumaguete City’s water distribution and wastewater management system.
MPIC’s subsidiary MetroPac Water Investments Corp. (MPW) has officially received from Dumaguete City Water District (DCWD) the notice of award for the rehabilitation, operation, maintenance, and expansion of DCWD’s existing water system, the company disclosed to the Philippine Stock Exchange on Wednesday.
MPW and DCWD will enter into a joint venture agreement upon completion of the post-award activities. A joint venture corporation will be organized pursuant to the provisions set in the agreement..
“The joint venture corporation shall implement the project including the right to bill and collect tariff for the water supply and wastewater services provided to the customers in the service area of DCWD,” the disclosure said.
DCWD serves Dumaguete City and portion of the Municipalities of Valencia, Sibulan, and Bacong. As of 2018, the estimated population in the area being served by DCWD is 162,389.
The P1.62-billion project cost is for the duration of the 25-year concession, with an initial equity investment of P700.00 million in 2018.