Manila Water to start water, sewerage services in Boracay
CHERYL M. ARCIBAL, GMANews.TV
06/28/2009 | 05:25 PM
MANILA, Philippines - Ayala-led Manila Water Co. Inc. is set to take over the Boracay water system next month with its subsidiary expanding the water supply of the resort island to accommodate the numerous visitors in the world-famous beach.
Boracay Island Water System will be investing as much as P1.2 billion in three years to fund the additional water supply capacity from the present two million liters a day to six million liters daily.
“We will get it by the end of the first semester, and taking over sometime in July," said Luis Juan Oreta, Manila Water chief finance officer.
Waste water capacity, on the other hand, will be raised from two million liters daily to eight million liters per day.
Manila Water has partnered with the government, through the Philippine Tourism Authority, for the creation of the firm that will handle the supply and distribution of water in one of the busiest tourist destinations in the Philippines.
The joint venture will operate, manage, rehabilitate, expand, and finance water and sewerage services in the island for 25 years. It will also run and maintain the existing drainage system in Boracay island.
In April, the company has secured approval to extend its distribution contract in Metro Manila’s east zone, which covers Makati, Quezon City, and areas in Rizal province.
The extension, however, still requires “concurrence" of the Department of Finance, the company said, citing provisions in the original concession agreement which it entered into with the government in 1997.
During the first quarter, the company reported net income rose 13.5 percent to P622 million from P548 million on the back of 7.68-percent increase in operating income to P2.16 billion from P2 billion.
Non-revenue water improved to 21 percent from 23 percent while water supply slid by 4.53 percent to 118 million cubic meters from 123.6 million cubic meters.
Manila Water’s portfolio include projects in Tiripur, India and Ho Chi Minh, Vietnam. GMANews.TV
Boracay Island Water System will be investing as much as P1.2 billion in three years to fund the additional water supply capacity from the present two million liters a day to six million liters daily.
“We will get it by the end of the first semester, and taking over sometime in July," said Luis Juan Oreta, Manila Water chief finance officer.
Waste water capacity, on the other hand, will be raised from two million liters daily to eight million liters per day.
Manila Water has partnered with the government, through the Philippine Tourism Authority, for the creation of the firm that will handle the supply and distribution of water in one of the busiest tourist destinations in the Philippines.
The joint venture will operate, manage, rehabilitate, expand, and finance water and sewerage services in the island for 25 years. It will also run and maintain the existing drainage system in Boracay island.
In April, the company has secured approval to extend its distribution contract in Metro Manila’s east zone, which covers Makati, Quezon City, and areas in Rizal province.
The extension, however, still requires “concurrence" of the Department of Finance, the company said, citing provisions in the original concession agreement which it entered into with the government in 1997.
During the first quarter, the company reported net income rose 13.5 percent to P622 million from P548 million on the back of 7.68-percent increase in operating income to P2.16 billion from P2 billion.
Non-revenue water improved to 21 percent from 23 percent while water supply slid by 4.53 percent to 118 million cubic meters from 123.6 million cubic meters.
Manila Water’s portfolio include projects in Tiripur, India and Ho Chi Minh, Vietnam. GMANews.TV
