WEST ZONE concessionaire Maynilad Water Services, Inc. said its board has approved an investment in a public-private partnership (PPP) project with Korea Water Resources Corp. (K-Water) and the Bases Conversion and Development Authority (BCDA) to provide water and wastewater services in New Clark City.
In a disclosure to the stock exchange on Thursday, Maynilad said the project is contemplated to have a 25-year term.
“The project is intended to provide water supply and wastewater services within the New Clark City and is contemplated to have a 25-year term,” Maynilad said.
The company did not disclose the value of the approved investment.
BCDA previously said Maynilad and K-Water had submitted a P15-billion unsolicited proposal to develop a water supply and management system for New Clark City.
The agency had also said the proposed deal would run for 50 years.
Maynilad President and Chief Executive Officer Ramoncito S. Fernandez previously said the company plans to increase its investments in New Clark City over the next five years as part of its long-term expansion strategy.
Maynilad said it provides water and wastewater services in the West Zone, covering 11 cities in Metro Manila, including three with partial coverage, as well as parts of Cavite province.
For the first six months, Maynilad said its income rose 14% to P8.51 billion, while revenues increased 4.1% to P19.11 billion.
Metro Pacific Investments Corp., Maynilad’s majority shareholder, is one of three Philippine subsidiaries of First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.
On Thursday, Maynilad shares fell 1.53% to close at P17.98 apiece. — Sheldeen Joy Talavera