MANILA, Philippines – Ayala-led utility firm Manila Water Company Incorporated bagged a P400-million water project in Balagtas, Bulacan.
Manila Water told the Philippine Stock Exchange (PSE) on Thursday, April 26, that its wholly-owned subsidiary Manila Water Philippine Ventures Incorporated (MWPV) received a notice of award from the Balagtas Water District (BWD) for the implementation of a 25-year water project.
The project involves the design, construction, rehabilitation, maintenance, financing, expansion, and management of the water supply system and sanitation facilities of BWD.
Upon the project's completion, Manila Water, MWPV, and BWD will form a joint venture company to implement the project, which is estimated to have delivered a billed volume of 22 million liters per day by the end of the 25-year period.
The Balagtas water project will be the 3rd water project of MWPV in Bulacan. (READ: Manila Water expands into Thailand)
Last year, MWPV also received a notice of award from the Obando Water Distrrict for the implementation of a joint venture water project, which aims to rehabilitate, operate, and provide water and sanitation services to the municipality of Obando.
MWPV had also signed an asset purchase deal with Asian Land Strategies Corporation – one of the largest real estate developers in Bulacan – for the provision of water and used water services in the latter's 10 residential subdivisions in Bulacan.
Manila Water holds the exclusive right to provide water and used water services to more than 6 million customers in the East Zone of Metro Manila and Rizal, encompassing 23 cities and municipalities.
MWPV, meanwhile, was designated as the vehicle for expansion within the Philippines with focus on geographic expansion, new acquisitions, and partnerships.
Under MWPV are LagunaAAA Water Corporation, Boracay Island Water Company, Clark Water Corporation, Manila Water Consortium Incorporated, and Estate Water.
The group has other new projects in its portfolio, like Zamboanga City's performance-based non-revenue water reduction project and the Tagum City bulk water supply project.
Manila Water saw a 7% hike in its 2017 core net income, amounting to P6.5 billion, driven by increased billed volume and more service connections.
The Ayala-led water unit saw a 5% year-on-year growth in its consolidated revenues in 2017, amounting to P17.7 billion, as billed volume climbed to 741.1 million cubic meters (mcm) from 720.4 million mcm in 2016. – Rappler.com