Manila Water rates to go down next mo on lower forex charges

Beginning next month, consumers of Manila Water Co. will see a decrease in their water rates by P1.40 for an average consumption of 30 cubic meters per month.

In a disclosure to the Philippine Stock Exchange, Manila Water said the foreign currency differential adjustment (FCDA) will go down to 16 centavos per cubic meter from 24 centavos per cubic meter effective Oct. 7, 2006. The FCDA is based on an exchange rate of P51.36 to a dollar.

The FCDA is a tariff mechanism that is adjusted upwards to recover losses if the peso depreciates and downwards if the peso appreciates against other currencies.

It was approved by the Metropolitan Waterworks and Sewerage System Regulatory Office last Sept. 13.

Manila Water continues to embark on service improvement and expansion programs, laying about 1,440 kilometers of pipelines to date. Owing to its operating efficiency, Manila Water has reduced system losses from 63 percent to 30.2 percent while making water available 24 hours a day to 97 percent in the east zone of Metro Manila.

The company has also more than doubled the volume of potable water delivered to its nearly 5.3 million residents in the east zone from 440 million liters per day (mld) to 938 mld by the middle of this year.

Manila Water said the first phase of the Antipolo Water Supply Project will be operational by the end of 2006 benefiting an initial 7,000 households, but ultimately, will provide water service to 150,000 households or nearly 800,000 residents in Antipolo.

Manila Water, the east zone concessionaire, serves Manila (San Andres and Sta. Ana only), Quezon City (east of San Juan River, West Avenue, EDSA, Congressional and Mindanao Ave., Districts of Tandang Sora, Pasong Tamo and Matandang Balara), Makati City (east of South Super Highway), Mandaluyong City, San Juan, Marikina City, Pasig City, Pateros, Taguig – all in Metro Manila; Rizal.