Manila Water Co. Inc. said Wednesday that together with its wholly-owned subsidiary, Manila Water Philippine Ventures Inc., it deemed the 25-year concession agreement with the provincial government of Pangasinan for a water supply project terminated at the end of 2023.
The listed water company of tycoon Enrique Razon told the Philippine Stock Exchange that the deal was terminated “due to non-fulfillment of conditions precedent.”
Manila Water didn’t provide details about the unfulfilled conditions, how much it has so far invested in the project, or whether, if at all, it will be reimbursed of its expenses.
Manila Water broke ground in January 2022 on the Pangasinan Bulk Water Supply Project, an infrastructure that would have brought an additional 200 million liters of water daily to the northern Luzon province.
The project would require investment of P8 billion over the life of the concession agreement. The funds will be used to build an infrastructure that will source water from Agno River using the riverbank filtration technology. At least 14 cities and towns of Pangasinan, including Villasis, Urdaneta, Dagupan, Sta. Barbara, Manaog, San Carlos, and Lingayen, were expected to benefit from improved water supply from this project.
