East Zone concessionaire Manila Water to raise directors' pay

Manila Water Co. Inc. on Monday told the Philippine Stock Exchange it will raise the compensation of its directors, without specifying why. Its directors will be receiving a yearly retainer fee of P500,000, as well as P200,000 for each quarterly and annual meeting actually attended, and P50,000 per committee meeting actually attended. PSE data showed that water concessionaire for Metro Manila’s east zone has 11 directors, including Fernando Zobel de Ayala, Jaime Augusto Zobel de Ayala, Keiichi Asai, Delfin Lazaro, Antonino Aquino, Gerardo Ablaza Jr., John Eric Francia, Tom Keevil, Takeaki Yamashita, Jose Cuisia Jr., and Oscar Reyes. Last week, Manila Water said it will borrow P10 billion, its biggest borrowing to date, to partially finance its investment requirements, among others. — VS, GMA News