June 24, 2018, 2:25 pm
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.06901 UAE Dirham
1 Philippine Peso = 2.02912 Albanian Lek
1 Philippine Peso = 0.03401 Neth Antilles Guilder
1 Philippine Peso = 0.5072 Argentine Peso
1 Philippine Peso = 0.02524 Australian Dollar
1 Philippine Peso = 0.03345 Aruba Florin
1 Philippine Peso = 0.03758 Barbados Dollar
1 Philippine Peso = 1.57159 Bangladesh Taka
1 Philippine Peso = 0.03155 Bulgarian Lev
1 Philippine Peso = 0.00712 Bahraini Dinar
1 Philippine Peso = 32.90079 Burundi Franc
1 Philippine Peso = 0.01879 Bermuda Dollar
1 Philippine Peso = 0.02526 Brunei Dollar
1 Philippine Peso = 0.1289 Bolivian Boliviano
1 Philippine Peso = 0.07111 Brazilian Real
1 Philippine Peso = 0.01879 Bahamian Dollar
1 Philippine Peso = 1.28053 Bhutan Ngultrum
1 Philippine Peso = 0.19402 Botswana Pula
1 Philippine Peso = 376.17437 Belarus Ruble
1 Philippine Peso = 0.03754 Belize Dollar
1 Philippine Peso = 0.02493 Canadian Dollar
1 Philippine Peso = 0.01856 Swiss Franc
1 Philippine Peso = 11.99061 Chilean Peso
1 Philippine Peso = 0.12218 Chinese Yuan
1 Philippine Peso = 54.75385 Colombian Peso
1 Philippine Peso = 10.57591 Costa Rica Colon
1 Philippine Peso = 0.01879 Cuban Peso
1 Philippine Peso = 1.77772 Cape Verde Escudo
1 Philippine Peso = 0.41526 Czech Koruna
1 Philippine Peso = 3.33615 Djibouti Franc
1 Philippine Peso = 0.12016 Danish Krone
1 Philippine Peso = 0.92728 Dominican Peso
1 Philippine Peso = 2.1963 Algerian Dinar
1 Philippine Peso = 0.25225 Estonian Kroon
1 Philippine Peso = 0.33484 Egyptian Pound
1 Philippine Peso = 0.51146 Ethiopian Birr
1 Philippine Peso = 0.01612 Euro
1 Philippine Peso = 0.03918 Fiji Dollar
1 Philippine Peso = 0.01416 Falkland Islands Pound
1 Philippine Peso = 0.01417 British Pound
1 Philippine Peso = 0.08979 Ghanaian Cedi
1 Philippine Peso = 0.87956 Gambian Dalasi
1 Philippine Peso = 169.07178 Guinea Franc
1 Philippine Peso = 0.14072 Guatemala Quetzal
1 Philippine Peso = 3.87599 Guyana Dollar
1 Philippine Peso = 0.14741 Hong Kong Dollar
1 Philippine Peso = 0.44878 Honduras Lempira
1 Philippine Peso = 0.11882 Croatian Kuna
1 Philippine Peso = 1.24803 Haiti Gourde
1 Philippine Peso = 5.23224 Hungarian Forint
1 Philippine Peso = 264.43067 Indonesian Rupiah
1 Philippine Peso = 0.06764 Israeli Shekel
1 Philippine Peso = 1.27568 Indian Rupee
1 Philippine Peso = 22.24728 Iraqi Dinar
1 Philippine Peso = 798.38407 Iran Rial
1 Philippine Peso = 2.03119 Iceland Krona
1 Philippine Peso = 2.45509 Jamaican Dollar
1 Philippine Peso = 0.01333 Jordanian Dinar
1 Philippine Peso = 2.06417 Japanese Yen
1 Philippine Peso = 1.89121 Kenyan Shilling
1 Philippine Peso = 1.28183 Kyrgyzstan Som
1 Philippine Peso = 76.00526 Cambodia Riel
1 Philippine Peso = 7.92522 Comoros Franc
1 Philippine Peso = 16.91094 North Korean Won
1 Philippine Peso = 20.86622 Korean Won
1 Philippine Peso = 0.00568 Kuwaiti Dinar
1 Philippine Peso = 0.01541 Cayman Islands Dollar
1 Philippine Peso = 6.38595 Kazakhstan Tenge
1 Philippine Peso = 158.00451 Lao Kip
1 Philippine Peso = 28.292 Lebanese Pound
1 Philippine Peso = 2.98572 Sri Lanka Rupee
1 Philippine Peso = 2.74709 Liberian Dollar
1 Philippine Peso = 0.25254 Lesotho Loti
1 Philippine Peso = 0.05728 Lithuanian Lita
1 Philippine Peso = 0.01166 Latvian Lat
1 Philippine Peso = 0.02548 Libyan Dinar
1 Philippine Peso = 0.1786 Moroccan Dirham
1 Philippine Peso = 0.3177 Moldovan Leu
1 Philippine Peso = 0.98891 Macedonian Denar
1 Philippine Peso = 25.98647 Myanmar Kyat
1 Philippine Peso = 45.97896 Mongolian Tugrik
1 Philippine Peso = 0.15183 Macau Pataca
1 Philippine Peso = 6.67042 Mauritania Ougulya
1 Philippine Peso = 0.65295 Mauritius Rupee
1 Philippine Peso = 0.29256 Maldives Rufiyaa
1 Philippine Peso = 13.4053 Malawi Kwacha
1 Philippine Peso = 0.37584 Mexican Peso
1 Philippine Peso = 0.07518 Malaysian Ringgit
1 Philippine Peso = 0.25239 Namibian Dollar
1 Philippine Peso = 6.72679 Nigerian Naira
1 Philippine Peso = 0.59207 Nicaragua Cordoba
1 Philippine Peso = 0.15205 Norwegian Krone
1 Philippine Peso = 2.03401 Nepalese Rupee
1 Philippine Peso = 0.02719 New Zealand Dollar
1 Philippine Peso = 0.00723 Omani Rial
1 Philippine Peso = 0.01879 Panama Balboa
1 Philippine Peso = 0.06134 Peruvian Nuevo Sol
1 Philippine Peso = 0.0609 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.28222 Pakistani Rupee
1 Philippine Peso = 0.06966 Polish Zloty
1 Philippine Peso = 106.55769 Paraguayan Guarani
1 Philippine Peso = 0.06839 Qatar Rial
1 Philippine Peso = 0.07509 Romanian New Leu
1 Philippine Peso = 1.18236 Russian Rouble
1 Philippine Peso = 15.96073 Rwanda Franc
1 Philippine Peso = 0.07046 Saudi Arabian Riyal
1 Philippine Peso = 0.1479 Solomon Islands Dollar
1 Philippine Peso = 0.25235 Seychelles Rupee
1 Philippine Peso = 0.33738 Sudanese Pound
1 Philippine Peso = 0.16635 Swedish Krona
1 Philippine Peso = 0.02551 Singapore Dollar
1 Philippine Peso = 0.01417 St Helena Pound
1 Philippine Peso = 0.41725 Slovak Koruna
1 Philippine Peso = 149.94363 Sierra Leone Leone
1 Philippine Peso = 10.72905 Somali Shilling
1 Philippine Peso = 394.98309 Sao Tome Dobra
1 Philippine Peso = 0.16441 El Salvador Colon
1 Philippine Peso = 9.67644 Syrian Pound
1 Philippine Peso = 0.25202 Swaziland Lilageni
1 Philippine Peso = 0.61856 Thai Baht
1 Philippine Peso = 0.04882 Tunisian Dinar
1 Philippine Peso = 0.04333 Tongan paʻanga
1 Philippine Peso = 0.08786 Turkish Lira
1 Philippine Peso = 0.12682 Trinidad Tobago Dollar
1 Philippine Peso = 0.56924 Taiwan Dollar
1 Philippine Peso = 42.63435 Tanzanian Shilling
1 Philippine Peso = 0.49267 Ukraine Hryvnia
1 Philippine Peso = 72.51597 Ugandan Shilling
1 Philippine Peso = 0.01879 United States Dollar
1 Philippine Peso = 0.59451 Uruguayan New Peso
1 Philippine Peso = 147.50094 Uzbekistan Sum
1 Philippine Peso = 1499.4363 Venezuelan Bolivar
1 Philippine Peso = 430.10147 Vietnam Dong
1 Philippine Peso = 2.07159 Vanuatu Vatu
1 Philippine Peso = 0.0488 Samoa Tala
1 Philippine Peso = 10.56614 CFA Franc (BEAC)
1 Philippine Peso = 0.05073 East Caribbean Dollar
1 Philippine Peso = 10.56614 CFA Franc (BCEAO)
1 Philippine Peso = 1.92165 Pacific Franc
1 Philippine Peso = 4.69466 Yemen Riyal
1 Philippine Peso = 0.25241 South African Rand
1 Philippine Peso = 97.51033 Zambian Kwacha
1 Philippine Peso = 6.80008 Zimbabwe dollar

MWSS loses case vs Maynilad

Maynilad Water Services Inc. said the Court of Appeals (CA) has denied the appeal of the Metropolitan Waterworks and Sewerage System (MWSS)  for the reversal of a July 2017 decision of the Singapore arbitral tribunal ordering the  state agency to compensate the west zone concessionaire for not allowing it to implement water rate adjustments.

The appellate court has  affirmed a Quezon City’s July 2015 decision confirming the ruling of another arbitration body in favor of Maynilad.

In a disclosure to the Philippine Stock Exchange, Metro Pacific Investments Corp. (MPIC) said  the affirmation will finally allow Maynilad to  implement the inclusion of the corporate income tax in its tariff and the 13.41 percent rebasing adjustment that it proposed for the fourth rate rebasing period of Jan.1, 2013 to Dec.  31, 2017.

 Maynilad is owned and managed by Maynilad Water Holdings Co. Inc. a joint venture between MPIC, DMCI Holdings Inc. and Marubeni Corp.

“This decision reinvigorates investor confidence in the public-private partnership program of the government and strengthens confidence in the mechanisms for enforcement of arbitral awards. This also ensures the continued implementation of Maynilad’s capital expenditure projects that are intended to benefit further our customers,” said Ramoncito Fernandez, Maynilad president. 

The affirmation for Maynilad would, however, mean higher water rates for its customers. 

The national government will have to pay Maynilad as much as P3.4 billion for the losses incurred by the company from the delay of the implementation of the additional rates.

 Patrick Ty, Metropolitan Waterworks and Sewerage System- Regulatory Office chief regulator, said the agency is yet to receive a copy of the decision but said it will file all possible legal recourse.

 In July last year, the three-man Arbitral Tribunal in Singapore unanimously upheld the validity of Maynilad’s claim against the undertaking letter issued by the government in relation to the delayed implementation of the company’s relevant tariffs for the rebasing period 2013 to 2017.
 
The Tribunal ordered the Philippine government to reimburse the company for losses incurred from March 11, 2015 to August 31, 2016 “without prejudice to any rights that Maynilad may have to seek recourse against MWSS 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 for “further determination.”
 
In 2015, Maynilad sought for the arbitration in Singapore when MWSS rejected its bid to implement a water rate hike in favor of the company.
 
Maynilad billed the national government with P3.4 billion as sovereign compensation for revenue losses it has incurred from Jan. 1, 2013 to Feb. 28, 2015 plus opportunity losses of at least P208 million for every month of delay.
 
In 2014, a decision was issued  by the International Chamber of Commerce in favor of Maynilad citing that it can implement higher tariff adjustment as well as pass on the income tax to its consumers. 

The national government, however,  did not allow Maynilad to implement the said ruling that led to another arbitration which was became the  subject of   resolution released last July.
 
Back then, the impact of the looming increase in Maynilad rates would have causes a typical household with a monthly water consumption of 30 cubic meters an additional P79.89 equivalent to a 13.81 percent increase.
 
Under the concession agreement signed by MWSS with Maynilad and the other concessionaire, rate rebasing shall be conducted every five years allowing them to introduce changes if needed.

Maynilad  is the largest private water concessionaire in the Philippines in terms of customer base. 

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.
Category: 
Rating: 
No votes yet

Column of the Day

Unbridled brazenness

DODY LACUNA's picture
By DODY LACUNA | June 22,2018
‘Outrage over the killing of priests today in our country will persist and, if real justice is not served soon will, in all probability, combine for a growing social and political unrest with a polarized Church.’

Opinion of the Day

Tough days ahead

Jose Bayani Baylon's picture
By JOSE BAYANI BAYLON | June 22, 2018
‘It’s high stakes and tightrope walking that also means that a small miscalculation could upend everything.’