Manila Water subsidiary Manila Water Asia Pacific Pte. Ltd. has secured a three-year term loan for USD110 million from Mizuho Bank and from the Dutch financial services giant ING.
Manila Water told the Philippine Stock Exchange it obtained the loan from the banks’ Singapore branch.
In a separate statement, Manila Water subsidiary, Boracay Water, set aside P1.1 billion from 2021 through 2025 to boost its water and wastewater services in Boracay Island and ensure compliance to its service obligations.
“This year, we need to be able to find ways on how we can achieve our goals on further enhancing our services. There will be challenges but these should not stop us from doing what needs to be done,” said Bryan Magallanes, Boracay Water general manager, in a statement.
He said extensive pipe laying and pipe replacement allowed Boracay Water to achieve 100 percent water supply coverage and minimal water loss last year. So-called non-revenue water improved from 37 percent to only 20 percent with water availability now 24/7 and water quality is accordance with the Department of Health’s national standard for drinking qater.
He also said the rehabilitation and upgrading of its Nabaoy and Caticlan pumping stations are underway to ensure that water supply will continue 24/7 even during stressful periods such as typhoons and earthquakes.
