Latest news with #ManilaWater
Forbes
30-06-2025
- Business
- Forbes
Philippine Billionaire Enrique Razon Consolidates Water Utility Assets In $671 Million Deal
The Wawa dam's reservoir will be the biggest built since 1967 to supply drinking water for Manila. Casino-to-ports billionaire Enrique Razon Jr.'s Prime Infrastructure is consolidating its water utility assets under Manila Water in a deal valued at 37.8 billion pesos ($671 million). Manila Water is buying WawaJVCo, the developer and operator of the Wawa dam in Rizal province, about 30 kilometers east of Manila, Prime Infra, the key shareholder of both companies, said in a statement. That will boost the utility's operating efficiency as it will now have access to two bulk water supply facilities, it added. 'The acquisition is financially accretive,' Manila Water, which services the eastern half of Metro Manila, said in is a separate statement, adding that this is 'strategically aligned with its long-term operational and water security objectives.' WawaJVCo has a 30-year bulk water supply agreement to supply Manila Water 518 million liters per day. Initial payment for the acquisitions will be made upon closing of the transaction on August 29, while the balance shall be paid in installments, to be agreed upon by both parties, Manila Water said. With a real-time net worth of $12.9 billion, Razon is the second-richest Philippine tycoon. Besides infrastructure, he also has controlling interests in global port operator ICTSI and Bloomberry, which owns two casino resorts in Metro Manila. Through Prime Infrastructure, Razon has been stepping up his investments in energy which includes his stake in the Malampaya gas field. Last month, it agreed to buy 60% of the gas assets of the Lopez family-backed First Gen for 50 billion pesos. In 2022, Prime Infra, which is also into power and waste management, postponed its IPO due to unfavorable market conditions.
GMA Network
13-06-2025
- Business
- GMA Network
Water rates to adjust starting July 1, 2025
Starting July 1, 2025, water consumers in Metro Manila and neighboring provinces will see adjustments in their monthly bills as the Metropolitan Waterworks and Sewerage System – Regulatory Office (MWSS RO) is set to implement the approved Foreign Currency Differential Adjustment (FCDA) for the third quarter of the year. The quarterly adjustment will lead to a slight rate increase for Maynilad customers and a modest rollback for Manila Water customers, reflecting movements in foreign exchange rates including the US dollar, Japanese yen, and euro. "Nagkakaroon po tayo ng dagdag-bawas sa ating water bill dahil sa movement ng foreign currency ng yen, US dollar and euro," said MWSS RO Chief Regulator Atty. Patrick Lester N. Ty. (We are experiencing increases and decreases in our water bill due to the movement of foreign currencies such as the yen, US dollar and euro.) "Dahil sa movement ng peso laban sa foreign currencies na yon nagkakaroon po ng adjustment," he added. (Due to the movement of the peso against those foreign currencies, there is an adjustment.) Why foreign currency affect water rates The FCDA is a tariff mechanism reviewed every quarter. It allows concessionaires—Maynilad (West Zone) and Manila Water (East Zone)—to recover foreign exchange losses or return gains related to foreign currency-denominated loans. These loans are used to finance improvements in water supply and wastewater infrastructure. According to Ty, the MWSS Board of Trustees approved the new FCDA rates on May 22, 2025, following a thorough review of the proposals submitted by the two water concessionaires. FCDA adjustment details For Maynilad customers: New FCDA rate: -0.64% of the 2025 average basic charge of ?51.40/cu.m ?0.329 per cubic meter, slightly higher than last quarter's ?0.334 Upward adjustment: ?0.005 per cubic meter For Manila Water customers: New FCDA rate: 1.12% of the average basic charge of ?47.10/cu.m ?0.53 per cubic meter, down from ?0.65 last quarter Downward adjustment: ?0.12 per cubic meter How will this affect your water bill? For Maynilad customers Regular Lifeline customers: 10 cu.m. or below Previous bill: ?181.59 → New bill: ?181.60 (+?0.01/month) 20 cu.m. or below Previous bill: ?682.66 → New bill: ?682.71 (+?0.05/month) 30 cu.m. or below Previous bill: ?1,394.69 → New bill: ?1,394.80 (+?0.11/month) Enhanced Lifeline Customers: Households consuming 10 cu.m. or less with a monthly bill of ?151.04 will not see any increase. For Manila Water customers Regular Residential Customers: 10 cu.m. or below Previous bill: ?255.04 → New bill: ?254.49 (?0.55 rollback) 20 cu.m. or below Previous bill: ?563.92 → New bill: ?562.72 (?1.20 rollback) 30 cu.m. or below Previous bill: ?1,149.66 → New bill: ?1,147.21 (?2.45 rollback) Enhanced Lifeline and Low-Income Consumers: No change will be applied to enhanced lifeline customers who consume 10 cu.m. or less per month. The MWSS encourages all qualified low-income customers, especially those under the Pantawid Pamilyang Pilipino Program (4Ps), to register under the Enhanced Lifeline Rate. This program provides further discounts for households consuming small amounts of water monthly. FCDA The Foreign Currency Differential Adjustment is stipulated under Section 9.8 of the Amended Revised Concession Agreement (RCA) between MWSS and the concessionaires. It ensures that fluctuations in foreign exchange rates do not lead to financial losses—or undue gains—for either party. The current FCDA guidelines were approved after a public consultation held in July 2024 and took effect on August 31, 2024. "We advise the consumers to continue conserving water and to manage their water bills and make sure to check their meters and make sure there's no leaks in their homes," Ty said. —VAL, GMA Integrated News
