Manila Water reduces rates
June 14, 2010 8:35 pm
MANILA, June 14 – Manila Water Company (MWC) said Monday its east zone water concessionaires will pay less for their water consumption in July as the Philippine peso improved versus other currencies during the second quarter of 2010.
Ayala-owned MWC Inc. said the foreign-currency differential adjustment (FCDA) would have a downward adjustment of P 0.27 per cubic meter starting July 1.
FCDA is a tariff mechanism that was formulated to recover or account for foreign-exchange losses or gains from payments of MWC of foreign-currency denominated concession fees to the state-run Metropolitan Waterworks and Sewerage System.
Last year, the company’s net income grew by more than 15 percent to P 3.2 billion on the back of higher-billed volume sales and lower taxes.
MWC, which renewed its concession agreement last year from 2022 to 2037, added that it served 1.09 million customers in 2009.
Metropolitan Manila’s east zone encompasses parts of Manila, San Juan, Taguig, Pateros, Antipolo, Taytay, Jala-Jala, Baras, Angono, San Mateo, Rodriguez, Marikina, Pasig, Mandaluyong, Makati and most of Quezon City.
Meanwhile, water level at Angat Dam in Bulacan continues to fall, prompting the National Water Resources Board to reject the request of the Metropolitan Waterworks and Sewerage System (MWSS) for an additional inflow of 2 cubic meters per second to its allocation.
Hydrologist Roy Badilla of the weather bureau and NWRB-Monitoring and Enforcement Division chief Jorge Estioko said Angat’s water elevation has not improved despite the rains.
Estioko said MWSS Administrator Diosdado Jose Allado made the request after NWRB cut the allocation of Maynilad Water Services Inc. and Manila Water Co. Inc. from 37 cms to 35 cms on June 1. (PNA) LAP/JCA
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