Manila Water Co. Inc. of the Razon Group has secured a P3-billion loan from Land Bank of the Philippines to partially finance its capital spending.
In a disclosure, Manila Water said it had signed a 10-year term loan facility with the state-run financial institution.
“The loan will be used to partially finance Manila Water’s general corporate requirements, including capital expenditures,” it added.
Back in January, Manila Water subsidiary Bulakan Water Co. Inc. secured a P200-million loan from the Ayala Group’s Bank of the Philippine Islands to enhance water services in Bulakan, Bulacan.
“The proceeds of the loan will be used 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 service area of Bulakan Water,” the company had said.
Bulakan Water is a unit under Filipinas Water Holdings Corp., a consortium between Manila Water and its subsidiary Manila Water Philippine Ventures Inc. (MWPV). The latter is Manila Water’s holding company for all its operating subsidiaries in Boracay, Cebu, Clark and Laguna.
Manila Water has been undertaking several projects to enhance waste and wastewater services within its franchise area.
These include spending P833 million this year to implement 23 mainline extension and individualization projects in Rizal as part of its service expansion program. This would prioritize the underserved and still-unserved areas as well as marginalized communities.
Likewise, MWPV invested P150 million to develop, finance and construct the water system of Anflo Industrial Estate (AIE).
AIE, a 63-hectare property located in Panabo, Davao del Norte, is real estate developer Damosa Land Inc.’s industrial development for trade and agriculture with 19 existing locators from here and abroad.
It also switched on the P5.6-billion water supply infrastructure project known as the Novaliches-Balara Aqueduct 4 (NBAQ4) in Quezon City to ensure continuous water supply for its more than 7 million customers in the East Zone concession area.
Manila Water previously unveiled its P181-billion service improvement plan covering the years 2023 to 2027 which includes the construction of new water sources and needed infrastructure and the rehabilitation of its existing facilities.