Manila Water Co. Inc. is keen on pursuing expansion projects this year.
In a disclosure to the Philippine Stock Exchange yesterday, the company said its subsidiary, Manila Water Asia Pacific Pte. Ltd., secured a $110-million three-year term loan facility with Mizuho Bank-Singapore Branch and ING N.V. Singapore.
The company did not provide details but said proceeds of the loan will be used to refinance existing debt.
In a separate statement, Manila Water’s other subsidiary, Boracay Water said for 2021 to 2025, P1.1 billion has been allocated to further intensify water and wastewater service in Boracay Island and ensure compliance to its service obligations.
“…We had a breakthrough performance in 2023. This year, we need to be able to find ways on how we can achieve our goals on further enhancing our services. There will be challenges but these should not stop us from doing what needs to be done,” said Bryan Magallanes, Boracay Water general manager, in a statement.
The company added through extensive pipelaying and pipe replacement programs, Boracay Water has achieved 100 percent water supply coverage and minimized water loss or non-revenue water from 37 percent to 20 percent in 2023.
Boracay Water added water availability is now 24/7 with water quality compliant to the Department of Health’s Philippine National Standards for Drinking Water.
The company said the rehabilitation and upgrading of its Nabaoy and Caticlan pumping stations are underway.– Jed Macapagal