Manila Water Co. Inc. said its affiliate firm, MWPV South Luzon Water Corp. (SLWC), has signed a P465-million loan term facility with the Bank of the Philippine Islands.
In a disclosure to the Philippine Stock Exchange, Manila Water said proceeds of the loan will be utilized to partially finance SLWC’s capital expenditure projects within the service area of the Tanauan Water District in Batangas.
SLWC is engaged in the development, improvement, upgrade and expansion of water supply and sanitation facilities in the area.
SLWC is a wholly owned subsidiary of Filipinas Water Holdings Corp. which is a consortium between Manila Water and its wholly owned subsidiary, Manila Water Philippine Ventures Inc.
Earlier this month, Manila Water reported its net income in the first half of the year rose 10 percentto P2.73 billion against the previous P2.48 billion, mainly attributed to higher contribution from the international affiliates and foreign exchange gains of foreign currency assets.
However, Manila Water said revenues fell 6 percentto P10.14 billion for the period from P10.83 billion, as total billed volume went down by 3 percentto 299 million cubic meters (mcm) from 307.9 mcm which was offset by lower income tax rates.
Apart from the Philippines, Manila Water has operations in Vietnam, Indonesia, Myanmar, Thailand and Saudi Arabia.
In the Philippines, it mainly serves customers in Makati, Pasig, Pateros, Marikina, Mandaluyong, San Juan, Taguig, some parts of Quezon City and Manila; and several towns in Rizal that include Taytay, Teresa, Angono, Antipolo, Baras, Binangonan, Cainta, San Mateo and Rodriguez.
Manila Water also partnered with water districts in Bulacan, Clark, Calasiao in Pangasinan, San Jose in Nueva Ecija, Laguna, Boracay in Aklan, Cebu, Tagum in Davao del Norte, as well as with property developments through Estate Water.
