Manila Water unit borrows P1.53B from BPI to fund projects
MANILA -A subsidiary of concessionaire Manila Water Co. Inc. secured a P1.53-billion loan from Bank of the Philippine Islands (BPI) to partially fund its projects and other obligations.
In a stock exchange disclosure on Thursday, Manila Water said Pampanga-based subsidiary Clark Water Corp.’s agreement with BPI would be through a 10-year term loan facility.
Clark Water is among the companies under Manila Water Philippine Ventures Inc., the east zone concessionaire’s designated vehicle for domestic expansion.
The company took over providing water services within the 4,400-hectare Clark Freeport Zone in 2000 through a 25-year concession contract between Vivendi Water Philippines and Clark Development Corp.
The concession agreement was then extended by another 15 years, or until 2040, via amendments to the agreement introduced in August 2014.
Together with the Department of Transportation, Clark Water announced in 2021 it was undertaking a P48-million relocation project for its water supply and wastewater assets affected by the construction of the Malolos-Clark Railway.