MPIC unit bags Dumaguete water project

MANILA, Philippines — Infrastructure conglomerate Metro Pacific Investments Corp. ($MPI) said on Wednesday its unit is set to modernize the Dumaguete City Water District’s water management system.

In a disclosure to the stock exchange, MPIC said its subsidiary, MetroPac Water Investments Corp., has received the notice of award for the project, which involves the rehabilitation, operation, maintenance and expansion of DCWD’s existing water distribution system and wastewater facilities.

The project cost for the duration of the 25-year concession is estimated at P1.62 billion, with an initial equity investment of P700 million in 2018.

According to MPIC, MPW and DCWD will enter into a joint venture agreement upon completion of post-award activities.

“The joint venture corporation shall implement the project including the right to bill and collect tariff for the water supply and wastewater services provided to the customers in the service area of DCWD,” the Manny Pangilinan-led company disclosed.

Shares in MPIC shed 11 centavos or 2.04 percent to close at P5.29 apiece at the Philippine Stock Exchange on Wednesday.