Home Top News Manila Water unit inks P393-M loan to fund projects

Manila Water unit inks P393-M loan to fund projects

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A UNIT of Manila Water Co., Inc. serving Samar province has signed a P393-million term loan facility with Bank of the Philippine Islands to partly fund its capital expenditure (capex) requirements.

Calbayog Water Co., Inc. executed the agreement with the local bank through its wholly owned unit Manila Water Philippine Ventures, Inc. and its partner Tubig Pilipinas Group, Inc.

“The loan will be used to partially finance Calbayog Water’s capital expenditure projects,” Manila Water said in a regulatory filing on Wednesday.

The company gave no further details on the specifics of the deal.

Calbayog Water is in charge of developing, operating, improving and maintaining water supply and wastewater facilities within its service area in the Calbayog City Water District in Samar.

Earlier this month, Manila Water said it was investing P8 billion to supply water in bulk to the provincial government of Pangasinan.

The project, which will be undertaken by Manila Water and Manila Water Philippine Ventures, expects to deliver 200 million liters daily by the last year of its contract period.

Manila Water is the exclusive provider of water and used water services to the east zone of Metro Manila and Rizal province.

Shares of Manila Water improved 3.91% or P1 to finish at P26.60 apiece on Wednesday. — Angelica Y. Yang

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