February 20, 2018, 11:24 pm
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1 Philippine Peso = 0.07035 UAE Dirham
1 Philippine Peso = 2.03736 Albanian Lek
1 Philippine Peso = 0.0341 Neth Antilles Guilder
1 Philippine Peso = 0.37852 Argentine Peso
1 Philippine Peso = 0.02417 Australian Dollar
1 Philippine Peso = 0.0341 Aruba Florin
1 Philippine Peso = 0.03831 Barbados Dollar
1 Philippine Peso = 1.58755 Bangladesh Taka
1 Philippine Peso = 0.03006 Bulgarian Lev
1 Philippine Peso = 0.00722 Bahraini Dinar
1 Philippine Peso = 33.54368 Burundi Franc
1 Philippine Peso = 0.01916 Bermuda Dollar
1 Philippine Peso = 0.02532 Brunei Dollar
1 Philippine Peso = 0.13142 Bolivian Boliviano
1 Philippine Peso = 0.06189 Brazilian Real
1 Philippine Peso = 0.01916 Bahamian Dollar
1 Philippine Peso = 1.22893 Bhutan Ngultrum
1 Philippine Peso = 0.18046 Botswana Pula
1 Philippine Peso = 383.5249 Belarus Ruble
1 Philippine Peso = 0.03827 Belize Dollar
1 Philippine Peso = 0.02404 Canadian Dollar
1 Philippine Peso = 0.01774 Swiss Franc
1 Philippine Peso = 11.3659 Chilean Peso
1 Philippine Peso = 0.12153 Chinese Yuan
1 Philippine Peso = 54.27203 Colombian Peso
1 Philippine Peso = 10.83966 Costa Rica Colon
1 Philippine Peso = 0.01916 Cuban Peso
1 Philippine Peso = 1.70268 Cape Verde Escudo
1 Philippine Peso = 0.39128 Czech Koruna
1 Philippine Peso = 3.38755 Djibouti Franc
1 Philippine Peso = 0.115 Danish Krone
1 Philippine Peso = 0.93544 Dominican Peso
1 Philippine Peso = 2.16856 Algerian Dinar
1 Philippine Peso = 0.24138 Estonian Kroon
1 Philippine Peso = 0.33716 Egyptian Pound
1 Philippine Peso = 0.52165 Ethiopian Birr
1 Philippine Peso = 0.01543 Euro
1 Philippine Peso = 0.03813 Fiji Dollar
1 Philippine Peso = 0.01366 Falkland Islands Pound
1 Philippine Peso = 0.01366 British Pound
1 Philippine Peso = 0.08656 Ghanaian Cedi
1 Philippine Peso = 0.89866 Gambian Dalasi
1 Philippine Peso = 172.37548 Guinea Franc
1 Philippine Peso = 0.14054 Guatemala Quetzal
1 Philippine Peso = 3.9364 Guyana Dollar
1 Philippine Peso = 0.14982 Hong Kong Dollar
1 Philippine Peso = 0.45019 Honduras Lempira
1 Philippine Peso = 0.11447 Croatian Kuna
1 Philippine Peso = 1.21437 Haiti Gourde
1 Philippine Peso = 4.80326 Hungarian Forint
1 Philippine Peso = 259.67432 Indonesian Rupiah
1 Philippine Peso = 0.06787 Israeli Shekel
1 Philippine Peso = 1.23063 Indian Rupee
1 Philippine Peso = 22.68199 Iraqi Dinar
1 Philippine Peso = 709.84673 Iran Rial
1 Philippine Peso = 1.91667 Iceland Krona
1 Philippine Peso = 2.39444 Jamaican Dollar
1 Philippine Peso = 0.01355 Jordanian Dinar
1 Philippine Peso = 2.03307 Japanese Yen
1 Philippine Peso = 1.93774 Kenyan Shilling
1 Philippine Peso = 1.30544 Kyrgyzstan Som
1 Philippine Peso = 76.53257 Cambodia Riel
1 Philippine Peso = 7.57567 Comoros Franc
1 Philippine Peso = 17.24138 North Korean Won
1 Philippine Peso = 20.41552 Korean Won
1 Philippine Peso = 0.00573 Kuwaiti Dinar
1 Philippine Peso = 0.01571 Cayman Islands Dollar
1 Philippine Peso = 6.12088 Kazakhstan Tenge
1 Philippine Peso = 158.62069 Lao Kip
1 Philippine Peso = 28.83908 Lebanese Pound
1 Philippine Peso = 2.97165 Sri Lanka Rupee
1 Philippine Peso = 2.44272 Liberian Dollar
1 Philippine Peso = 0.22308 Lesotho Loti
1 Philippine Peso = 0.0584 Lithuanian Lita
1 Philippine Peso = 0.01189 Latvian Lat
1 Philippine Peso = 0.02534 Libyan Dinar
1 Philippine Peso = 0.17539 Moroccan Dirham
1 Philippine Peso = 0.31734 Moldovan Leu
1 Philippine Peso = 0.9454 Macedonian Denar
1 Philippine Peso = 25.42146 Myanmar Kyat
1 Philippine Peso = 45.82375 Mongolian Tugrik
1 Philippine Peso = 0.15425 Macau Pataca
1 Philippine Peso = 6.68582 Mauritania Ougulya
1 Philippine Peso = 0.61303 Mauritius Rupee
1 Philippine Peso = 0.29828 Maldives Rufiyaa
1 Philippine Peso = 13.66743 Malawi Kwacha
1 Philippine Peso = 0.35467 Mexican Peso
1 Philippine Peso = 0.07454 Malaysian Ringgit
1 Philippine Peso = 0.22274 Namibian Dollar
1 Philippine Peso = 6.87739 Nigerian Naira
1 Philippine Peso = 0.59195 Nicaragua Cordoba
1 Philippine Peso = 0.14901 Norwegian Krone
1 Philippine Peso = 1.96697 Nepalese Rupee
1 Philippine Peso = 0.02593 New Zealand Dollar
1 Philippine Peso = 0.00737 Omani Rial
1 Philippine Peso = 0.01916 Panama Balboa
1 Philippine Peso = 0.06225 Peruvian Nuevo Sol
1 Philippine Peso = 0.06025 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.11398 Pakistani Rupee
1 Philippine Peso = 0.0642 Polish Zloty
1 Philippine Peso = 106.68774 Paraguayan Guarani
1 Philippine Peso = 0.06973 Qatar Rial
1 Philippine Peso = 0.07198 Romanian New Leu
1 Philippine Peso = 1.08044 Russian Rouble
1 Philippine Peso = 16.10153 Rwanda Franc
1 Philippine Peso = 0.07184 Saudi Arabian Riyal
1 Philippine Peso = 0.14875 Solomon Islands Dollar
1 Philippine Peso = 0.25546 Seychelles Rupee
1 Philippine Peso = 0.34393 Sudanese Pound
1 Philippine Peso = 0.15255 Swedish Krona
1 Philippine Peso = 0.02511 Singapore Dollar
1 Philippine Peso = 0.01367 St Helena Pound
1 Philippine Peso = 0.4254 Slovak Koruna
1 Philippine Peso = 146.16858 Sierra Leone Leone
1 Philippine Peso = 10.76628 Somali Shilling
1 Philippine Peso = 378.35439 Sao Tome Dobra
1 Philippine Peso = 0.16762 El Salvador Colon
1 Philippine Peso = 9.86552 Syrian Pound
1 Philippine Peso = 0.22276 Swaziland Lilageni
1 Philippine Peso = 0.59923 Thai Baht
1 Philippine Peso = 0.04546 Tunisian Dinar
1 Philippine Peso = 0.04238 Tongan paʻanga
1 Philippine Peso = 0.07167 Turkish Lira
1 Philippine Peso = 0.12904 Trinidad Tobago Dollar
1 Philippine Peso = 0.55669 Taiwan Dollar
1 Philippine Peso = 43.02682 Tanzanian Shilling
1 Philippine Peso = 0.51715 Ukraine Hryvnia
1 Philippine Peso = 69.38697 Ugandan Shilling
1 Philippine Peso = 0.01916 United States Dollar
1 Philippine Peso = 0.54521 Uruguayan New Peso
1 Philippine Peso = 156.47509 Uzbekistan Sum
1 Philippine Peso = 477.73945 Venezuelan Bolivar
1 Philippine Peso = 434.75095 Vietnam Dong
1 Philippine Peso = 2.01916 Vanuatu Vatu
1 Philippine Peso = 0.04802 Samoa Tala
1 Philippine Peso = 10.11303 CFA Franc (BEAC)
1 Philippine Peso = 0.05172 East Caribbean Dollar
1 Philippine Peso = 10.11303 CFA Franc (BCEAO)
1 Philippine Peso = 1.81628 Pacific Franc
1 Philippine Peso = 4.78831 Yemen Riyal
1 Philippine Peso = 0.22279 South African Rand
1 Philippine Peso = 99.41571 Zambian Kwacha
1 Philippine Peso = 6.93295 Zimbabwe dollar

OF MAYNILAD; Gov’t questions P3.4B refund

The Philippine government is seeking to reverse a decision rendered in July  last year by the High Court of Singapore  that will reimburse a water concessionaire in the amount of P3.4 billion.

West Zone concessionaire Maynilad Water Services Inc. said  it has been informed by the  Philippine government’s Singapore counsel  the national government wants to reverse a decision that went in favor of the water company in relation to the delayed implementation of the company’s relevant tariffs for the rebasing period 2013 to 2017.

This developed as Maynilad  chief operating officer Randolph Estrellado said  the amount it was initially collecting from  the government is  accruing interests. This means the amount to be reimbursed could go higher.

“We updated the claim but … from what we said before, we add P200 million a month for every time we (are not able to)  collect,” Estrellado  told reporters on  the sidelines of the Metropolitan Waterworks and Sewerage System’s 140th anniversary celebration in Quezon City yesterday.

Estrellado said Maynilad will oppose the government’s move.

“We have an issue with its timing since we only have three months to set aside the ruling. The original ruling came out in July, but we had a correction in the amount last November. Maybe less than a hundred million was reduced, a computation error. When that was corrected, it seems that they held on to the November correction as starting point for the three-month rule but we don’t know their issues so we’ll still find out,” Estrellado said.

In a disclosure filed by Metro Pacific Investments Corp. (MPIC) in the Philippine Stock Exchange,  Maynilad said it is yet to be served copies of the summons and the setting aside application.

“Maynilad is confident that there are no valid and meritorious grounds to challenge or set aside the arbitral award, and that the Republic’s latest efforts to frustrate and stonewall the enforcement of the arbitral award will fail. Maynilad has already engaged Singapore counsel to ensure that the Republic’s baseless application is disposed of expeditiously,” the disclosure said.

Last July, the Singapore-based tribunal ordered the Philippine government to reimburse Maynilad P3.4 billion for losses incurred from March 11, 2015 to Aug. 31, 2016 “without prejudice to any rights that Maynilad may have to seek recourse against MWSS (Metropolitan Waterworks and Sewerage System) for losses incurred from 1 January 2013 to March 10, 2015.”
 
Likewise, the Tribunal ruled Maynilad is entitled to recover from the government its losses from Sept. 1, 2016 onwards and noted that in case of a disagreement on the amount of such losses will arise, the company may revert to the arbitration court “further determination.”

In 2015, Maynilad sought for the arbitration in Singapore when the MWSS did not approve the implementation of a water rate hike.

It billed the national government with P3.4 billion as sovereign compensation for revenue losses it has incurred from Jan. 1, 2013 to February 28, 2015 alongside opportunity losses of at least P208 million added for every month of delay.

In 2014, a decision was handed down, allowing Maynilad to implement a higher tariff adjustment that includes passing the income tax to consumers and allowed a P3.06 per cubic meter increase in water rates. That ruling was not  implemented.
 
Back then, the impact of the looming increase in Maynilad rates would cost a typical household with a monthly water consumption of 30 cubic meters  additional P79.89 equivalent in its water bill to a 13.81 percent increase.

Under the concession agreement signed by MWSS with Maynilad and other concessionaire, rate rebasing shall be conducted every five years in order to check if the water concessionaires are following the terms as well as to adjust and introduce changes if needed.

 Maynilad is owned and managed by Maynilad Water Holdings Co., Inc. a joint venture between MPIC, DMCI Holdings, Inc. and Marubeni Corp.
 
It is the largest private water concessionaire in the Philippines in terms of customer base. It is the contractor of the MWSS for the west zone of the Greater Manila Area, composed of the cities of Manila, Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon; the cities of Cavite, Bacoor and Imus and the towns of Kawit, Noveleta and Rosario that are all in Cavite.
 
The firm’s water distribution system is also the longest ISO-certified facility of its kind in the Philippines and stretches from North Caloocan to Cavite Province and delivers over 2,000 million liters of potable water per day.
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