A consortium led by a Manila Water Company, Inc. subsidiary recently inked a deal with the San Jose City Water District (SJCWD) to develop its water supply and sanitation facilities.
In a regulatory filing, the listed water firm said its subsidiary Manila Water Philippine Ventures, Inc. (MWPVI) and Tubig Pilipinas Group, Inc. signed and executed the joint venture agreement with SJCWD.
Under the deal, the consortium will undertake the “design, construction, rehabilitation, maintenance, operation, financing, expansion and management” of water supply and sanitation facilities and services in San Jose, Nueva Ecija.
Last month, the regulatory office of the Metropolitan Waterworks and Sewerage System (MWSS) said that customers of the two water firms operating in Metro Manila- including Manila Water- would experience lower monthly bills in 2021.
Manila Water, which holds the concession for the East Zone of Metro Manila, reported a 24% fall in net income to P3.20 billion for the three quarters ending September due to lower contribution from its units amid the coronavirus disease 2019 (COVID-19) pandemic.
Shares of Manila Water slipped by 0.24% to close at P16.76 apiece. — Angelica Y. Yang