Manila Water borrows P15B for projects
INQUIRER FILE PHOTO
MANILA -Utility concessionaire Manila Water Co. Inc. has obtained P15 billion in new funding for bulk water and waste water projects in the pipeline.
In a disclosure to the stock exchange, Manila Water said it had executed a 10-year term-loan facility with China Banking Corp.
Manila Water, which services the eastern part of Metro Manila and the entire province of Rizal, is undertaking expansion projects, focusing on water supply security, service continuity and wastewater coverage expansion.
“Manila Water will maintain a significant level of capex (capital expenditures) for both its water and wastewater projects in the coming years,” said Jeric Sevilla Jr., head of Manila Water’s corporate communication affairs.
“This is to ensure the effective rollout of the projects which were affected by the quarantine restrictions during the past years,” added Sevilla.
Article continues after this advertisementAt present, Manila Water is developing the P2.7-billion East Bay Water Treatment Plant that will draw water from the eastern part of Laguna Lake. It is targeted for completion by April 2023. It features an 8 million-liter capacity reservoir, an intake structure, pumping station and water treatment plant.
Article continues after this advertisementThe East Bay treatment facility forms part of the East Bay Water Supply System Project, allowing Manila Water to serve more towns in Rizal.
Manila Water is also planning to construct additional 13 sewage treatment plants to treat waste water discharged by households and commercial and industrial establishments within its franchise area.
In a separate statement, Manila Water also announced the completion of 40 projects in its intensified expansion program in Rizal.
The company finished pipelaying projects covering the following areas: Jalajala, Antipolo City, Rodriguez, San Mateo, Binangonan, Taytay, Cainta and Baras, for a total cost of P524.5 million.
For the rest of 2022, Manila Water is scheduled to finish 10 more ongoing pipelaying projects in San Mateo, Binangonan, Taytay, Cardona and Cainta towns.
