Manila Water strengthens capital with P7-B loan
The East Zone concessionaire said the loan is earmarked to partially finance capital expenditure projects
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The East Zone concessionaire said the loan is earmarked to partially finance capital expenditure projects
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Manila Water Co. Inc. or MWC will infuse P7 billion into its capital after it secured a 10-year loan facility from the state-run Land Bank of the Philippines.
The East Zone concessionaire informed the Philippine Stock Exchange on Wednesday that the loan will be earmarked to partially finance capital expenditure projects.
MWC, however, did not provide specific details on the planned spending.
Earlier this month, the company also secured a P10 billion ten-year term loan facility with the Metropolitan Bank and Trust Co. to partially finance its projects.
10-year term loan with BPI
In June, MWC through its subsidiary, Manila Water Philippine Ventures Inc., signed a P1.53 billion ten-year term loan facility with the Bank of the Philippine Islands for the use of Clark Water Corp.
The company said then that the loan would be used to partially finance Clark Water's projects and pay its service concession obligations.
As of October, MWC has so far spent some P11.283 billion.
Of the amount, P1.388 billion for service continuity, P3.632 billion for service accessibility, P3.528 billion for water security, and P2.734 billion for environmental sustainability.
MWC customers
MWC mainly serves customers in Makati, Pasig, Pateros, Marikina, Mandaluyong, San Juan, Taguig, some parts of Quezon City and Manila; and several towns in Rizal province that including Taytay, Teresa, Angono, Antipolo, Baras, Binangonan, Cainta, San Mateo and Rodriguez.
It also has partnerships with water districts in Tagum, Davao del Norte; Bulacan; Clark in Pangasinan; Calasiao in Pangasinan; San Jose in Nueva Ecija; Laguna; Boracay in Aklan; Cebu; as well as with property developments through Estate Water.
MWC also operates in Thailand, Vietnam, Saudi Arabia, Indonesia, and Myanmar.
