Manila Water Co Inc, the listed water-utility arm of conglomerate Ayala Corp, signed a 25-year $137.5- million subsidiary loan agreement with Land Bank of the Philippines to help finance the development waste water-related services.
Manila Water said in a Philippine Stock Exchange filing on Tuesday that the loan is funded by the World Bank, through its Metro Manila Wastewater Management Project, to partially finance the North and South Pasig Sewerage System project of the company.
The announcement is a follow-up to the signing last July of a $275-million loan agreement between Land Bank and the World Bank.
Under the agreement, the amount will be divided between Manila Water, which serves Metro Manila’s so-called east zone, and Maynilad Water Services Inc, which serves the west portion of the capital district and nearly provinces.
Manila Water said earlier that net income during the first half jumped 31 per cent to P2.63 billion compared to the same period last year while “core” net income jumped 30 per cent to P2.78 billion. Its revenues during the period increased 24 per cent to P7.19 billion.
Earnings were boosted by acquisitions in Clark, Pampanga and Vietnam late last year.
Manila Water owns a 49-per cent stake in Thu Duc Water BOO Corp, which is considered the largest private bulk-water supplier in Southern Vietnam, and 100 per cent of Clark Water Corp, the utility serving the water needs of the Clark Freeport Zone.
