Manila Water gets P10-B Metrobank loan

Manila Water Co. Inc. obtained a P10-billion 10-year term loan from Metropolitan Bank and Trust Co. to partially fund its capital expenditure projects.

The company announced the development on Thursday but it has yet to specify how the funds will be allocated.

Manila Water, through its subsidiary Manila Water Philippine Ventures Inc., signed a P1.53 billion 10-year term loan facility with the Bank of the Philippine Islands last June for the use of Clark Water Corp.

Additionally, Manila Water and its subsidiaries secured other loans this year, including a P200 million ten-year term loan facility with BPI for Bulakan Water Co. Inc., as well as a P3-billion 10-year term loan facility with the Land Bank of the Philippines.

P105B for capex

Manila Water announced earlier that it will spend P105 billion on capital expenditures for water and wastewater projects over the next five years.

Manila Water primarily caters to customers in Makati, Pasig, Pateros, Marikina, Mandaluyong, San Juan, Taguig, certain areas of Quezon City and Manila, as well as several towns in Rizal province, including Taytay, Teresa, Angono, Antipolo, Baras, Binangonan, Cainta, San Mateo and Rodriguez.

In addition to these partnerships, the company has agreements with water districts in Tagum, Davao del Norte; Bulacan; Clark in Pangasinan; Calasiao in Pangasinan; San Jose in Nueva Ecija; Laguna; Boracay in Aklan; and Cebu. The company also has agreements with property developments through Estate Water.