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Manila Water Co. Inc., has signed a 7-year term loan facility worth 250 million euros (P14.5 billion) with Bank of China (Hong Kong) Ltd. and Bank of China Ltd. Manila Branch to finance its capital investment program in the Manila East Zone concession.
In a disclosure to the Philippine Stock Exchange, Manila Water said the loan will fund major projects like the development of medium-term water sources, improvements in existing distribution systems, construction of new sewerage treatment plants and expansion of sewer networks.
Under the approved business plan in the 2018 rate rebasing, the water concessionaire programmed to implement capital expenditure projects amounting to P79.4 billion for the period of 2018 to 2022.
Manila Water suffered an 18 percent income drop for the first half of the year as it only hit P2.9 billion against last year’s P3.5 billion, still attributed to the impact of the recent supply shortage that was experienced in its Manila concession. |
