MANILA, Philippines — A domestic unit of Manila Water Co. Inc. has signed a P393 million term loan facility with the Bank of the Philippine Islands (BPI).
In a disclosure to the Philippine Stock Exchange yesterday, Manila Water said Calbayog Water Co. Inc. (CbWCI) said the loan would be used to partially finance CbWCI’s capital expenditure projects.
CbWCI is primarily engaged in development, upgrade, rehabilitation, operation and maintenance of water supply and wastewater facilities in the service area of Calbayog City Water District in Samar.
It is a joint venture of Manila Water Philippine Ventures, Inc. (MWPV) and Tubig Pilipinas Group Inc.
MWPV is Manila Water’s holding company for all its domestic operating subsidiaries.
Another domestic unit of Manila Water, MWPV South Luzon Water Corp. (SLWC) also signed a P465 million term loan facility with BPI.
SLWC is primarily engaged in the development, upgrade, and expansion of water supply and sanitation facilities within the service area of the Tanauan Water District in the City of Tanauan in Batangas.
In the first half, MWPV narrowed its net loss to P94 million from last year’s loss of P208 million.
MWPV’s total billed volume increased by four percent to 53.9 million cubic meters (MCM) from 51.8 MCM.
In the first half, Manila Water reported a 10 percent increase in its net income to P2.7 billion, driven by higher contributions from its international affiliates.