Manila Water unit secures P1.53-B loan from BPI for Clark concession
A SUBSIDIARY of Manila Water Co., Inc. has signed up for a P1.53-billion loan from a local bank to partly fund projects that serve an economic zone in Central Luzon.
In a stock exchange disclosure on Thursday, Manila Water said its subsidiary Manila Water Philippine Ventures, Inc. (MWPV) signed the 10-year term loan facility with Bank of the Philippine Islands (BPI).
Loan proceeds will partially fund Clark Water Corp.’s projects as well as pay for its service concession obligations, Metro Manila’s east zone water concessionaire said.
Clark Water ser`ves Clark Freeport and the Clark Economic Zone as their water supplier and wastewater service provider. It is a wholly owned subsidiary of MWPV, which is Manila Water’s designated vehicle for expansion initiatives in the Philippines.
In January, Manila Water said its unit, Bulakan Water Co., Inc. had signed a P200-million 10-year term loan facility with the same bank, while in February the company said it had signed a P3-billion 10-year term loan facility with the Land Bank of the Philippines.
The water concessionaire serves Metro Manila’s east zone network, which comprises Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns of nearby Rizal province.
At the local bourse on Thursday, shares in the company gained P1.24 or 7.09% to end at P18.72 apiece. — Ashley Erika O. Jose
