Manila Water signs P5B loan

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    Manila Water Co. Inc. signed a P5-billion, five-year revolving term loan facility with BDO Unibank Inc.

    This will be used to finance capital expenditure projects, for general corporate requirements as well as to refinance existing concessionaire loans, the company said.

    Last August, Manila Water also signed a seven-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.

    The company reported an 11 percent drop in net income in the first nine months of the year to P4.4 billion, from P4.9 billion a year ago, due to the impact of the water supply shortage in its Manila concession early this year.