Manila Water Co. Inc., the water concessionaire for the east zone of Metro Manila, said Tuesday it obtained a P15-billion term loan facility to finance expansion projects.
MWC said in a disclosure to the stock exchange it signed the P15-billion, 10-year term loan facility with China Banking Corp.
“The loan will be used to finance Manila Water’s capital expenditure projects,” the company said.
MWC had total debt of P75.8 billion as of end-June.
MWC spent P9.7 billion out of its 2022 capital expenditures in the first half, up 59 percent from a year ago.
Bulk of this year’s capital spending was spent on wastewater expansion, network reliability and water supply projects in line with attaining service obligations outlined in the government-approved Rate Rebasing Service Improvement Plan.
MWC had 1,132,976 water service connections as of end-June, or about 7.4 million residents in the eastern part of Metro Manila and the entire province of Rizal.
The company is constructing the P2.7-billion East Bay Water Treatment Plantthat will draw water from the eastern part of Laguna Lake, considered the cleanest portion of the lake.
The East Bay WTP is part of the East Bay Water Supply System Project that seeks to expand Manila Water’s services to more towns in Rizal Province.
The project includes the construction of an 8-million-liter capacity reservoir, an intake structure, pumping station and water treatment plant using dissolved air flotation system, multi-media and granular activated carbon filters and reverse osmosis system.
MWC through wholly-owned subsidiary Manila Water Philippine Ventures Inc. also has bulk water supply deals in Clark, Cebu, Boracay, Davao and other areas.
The share price of MWC was unchanged at P15.40 Tuesday.