MANILA Water Co., Inc. (MWC) said its subsidiary has signed the concession agreement with the Bulacan water district.
“The Bulakan Water Company, Inc. and the Bulacan Water District have signed and executed a Concession Agreement for the design, construction, rehabilitation, operation, maintenance, financing, expansion, and management of water facilities and the provision of water and sanitation services in the Municipality of Bulakan for a period of 25 years from the Commencement Date,” MWC told the stock exchange.
Bulakan Water is the joint venture of Filipinas Water Holdings Corp. and the Bulacan Water District, where each hold 90% and 10%, respectively. Filipinas Water is a consortium of Manila Water and its subsidiary Manila Water Philippine Ventures, Inc. (MWPV), owning 49% and 51%, respectively.
To recall, the consortium of MWC and MWPV Obando Water Consortium Holdings Corp. signed a joint venture agreement with the Bulacan water district for the operation of Bulacan’s water supply system.
The project aims to improve water accessibility and quality of water supply to more than 12,000 resident of municipality of Bulakan, Bulacan, also including services for sanitation. — VMPG
