The Metropolitan Waterworks and Sewerage System (MWSS) board of trustees has approved fourth-quarter rate adjustments for Maynilad Water Services, Inc.. and Manila Water Co., Inc. to account for foreign exchange fluctuations.
In a statement on Friday, MWSS approved a hike of P0.14 per cubic meter (cu.m.) for Maynilad and a rebate of P0.15 per cu.m. for Manila Water.
Residential customers served by Maynilad who consume 10 cubic meters or less will pay an additional P0.40 in their monthly bills in the fourth quarter. Those who consume 20 cu.m. and 30 cu.m. will see their bills go up by P1.53 and P3.13, respectively.
Meanwhile, Manila Water customers who use 10 cu.m. or less will see their bills decline by P0.64 during the period. Those who consume an average of 20 cu.m. and 30 cu.m. will see a P1.43 and P2.91 reduction in their bills, respectively.
The FCDA is a tariff mechanism which allows water concessionaires to regain losses or return gains by the movement of peso against other foreign currencies. The water providers pay foreign currency-denominated concession fees to MWSS, as well as loans that are used to finance projects to expand and improve water and sewerage services.
Manila Water serves the east zone network of Metro Manila, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns in Rizal province.
Maynilad serves parts of Manila, Quezon City, and Makati, as well as Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon. It also supplies water to the cities of Cavite, Bacoor, Imus, and the towns of Kawit, Noveleta, and Rosario in Cavite province.
Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera
