LISTED Manila Water Co. Inc. said it won the auction to develop the Balagtas Water District (BWD) in Bulacan.
In a filing to the stock exchange on Thursday, the Ayala-controlled utilities company said the firm along with its wholly owned subsidiary, Manila Water Philippine Ventures, Inc., was awarded the contract by Balagtas to undertake the joint venture with the municipal government.
The joint venture will design, construct, rehabilitate, maintain, operate, finance, expand and manage the water supply system and facilities.
The total cost of the project is P400 million with a 25-year concession period It was granted a 25-year contract-period for the project.
At the end of 2015, the BWD had 3,694 active water service connections and eight pumping stations, according to the Commission on Audit.
The joint venture will be formed upon the completion of the conditions stated in the notice of award, the Manila Water said.
Manila Water is the sole provider of water and wastewater services to more than six million people in the East Zone of Metro Manila.
The company hopes to double 2015 profit to more than P11 billion by 2020. — Janina C. Lim
