Manila Water Co. Inc., has secured a 10-year term loan for P7 billion from the Land Bank of the Philippines.
In a regulatory filing, the company said the loan will finance its capital expenditure programs.
The loan brought to P21.73 billion or 20 percent of the aggregate amount of funding it needs to complete a five-year, P105 billion spending plan to upgrade the facilities required to deliver treated water services to Metro Manila consumers under the East zone of the concession.
A while back, Manila Water also secured a 10-year loan for P10 billion from the Metropolitan Bank and Trust Co. that will also finance capital expenditure projects.
In June, Manila Water, through subsidiary firm Manila Water Philippine Ventures Inc., obtained a 10-year loan for P1.53 billion from the Bank of the Philippine Islands (BPI) for use by Clark Water Corp. It said the loan will partially finance Clark Water’s projects and pay its service concession obligations.
Other loans secured by Manila Water and its subsidiaries this year include the 10-year loan for P200 million also from BPI for Bulakan Water Co. Inc. and another 10-year loan for P3 billion from the Land Bank of the Philippines.
Earlier, Manila Water announced spending P105 billion as capital expenditure for water and wastewater projects over the next five years.
Manila Water 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 include Taytay, Teresa, Angono, Antipolo, Baras, Binangonan, Cainta, San Mateo and Rodriguez.
It 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.Overseas, Manila Water has operations in Thailand, Vietnam, Saudi Arabia, Indonesia and Myanmar.
