Manila Water eyes Boracay water deal
Ayala unit proposes joint venture with PTA
MANILA, Philippines--Metro Manila East Zone concessionaire Manila Water Co. Inc. wants to operate a 25-year concession to provide water to Boracay Island in Aklan.
Manila Water chief finance officer Sherisa Nuesa said the Ayala Group subsidiary was looking at a possible capital investment of P1 billion in a potential joint venture that would operate the concession. The company has submitted to Philippine Tourism Authority, the government agency that holds the right to operate the water concession in Boracay, a proposal for a joint venture arrangement.
"We want to be the joint venture partner of PTA in the water concession. We would like to have a full concession in Boracay. We would like to protect the island and we were invited to look at it because of the need to improve the water and wastewater system there," Nuesa said.
Reliable sources of water and a proper wastewater treatment should be an integral part of the preservation and development of Boracay since a number of international companies are setting up hotels on the island, he said.
Fresh from a bond offer that raised P4 billion for the company, Nuesa said Manila Water was also poised to expand to Asia, focusing on the privatization of water concessions in Vietnam.
The company recently won a $15-million water supply development and management contract in Ho Chi Minh City.
The East Zone covers 23 cities and municipalities, including parts of Manila, San Juan, Taguig, Pateros, Antipolo, San Mateo, Marikina, Pasig, Mandaluyong, Makati and most of Quezon City.
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