Manila Water Co. Inc. subsidiary Clark Water Corp., through Manila Water Philippine Ventures Inc., has obtained a 10-year loan worth P1.53 billion from the Bank of the Philippine Islands (BPI).
In a disclosure to the Philippine Stock Exchange, the company said proceeds from the loan will partially finance Clark Water projects and its service concession obligations.
Prior to this development, Manila Water and subsidiaries secured a 10-year, P200 million term loan also from BPI for the Bulakan Water Co. Inc. and another 10-year, P3 billion term loan from state-owned Land Bank of the Philippines.
Manila Water earlier bared plans to spend P105 billion as capital expenditures 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 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.
Overseas, Manila Water has operations in Thailand, Vietnam, Saudi Arabia, Indonesia and Myanmar.
