A UNIT of Manila Water Co., Inc. has inked a P1.6 billion term-loan facility with the Bank of the Philippine Islands, the east zone water concessionaire said on Tuesday.

In a stock exchange disclosure, the company said the Laguna AAAWater Corp. or Laguna Water, a subsidiary of Manila Water Philippine Ventures, Inc. (MWPV), signed a 10-year term loan facility with the bank.

“The proceeds of the loan will be used to partially finance capital expenditures for the years 2022 to 2025,” the company said.

Laguna Water is a joint venture between the provincial government of Laguna and MWPV. It operates in the cities of Biñan, Santa Rosa, Cabuyao, and the municipality of Pagsanjan. It also supplies Alaminos, Calamba, San Pablo, Sta. Cruz, and Victoria.

Aside from Laguna Water, MWPV’s subsidiaries include Boracay Water, Clark Water, and Estate Water.

In the second quarter, Manila Water saw its attributable net income rise by 51.6% to P2.76 billion from P1.82 billion in the same quarter last year, based on its quarterly report.

Gross revenues during the period increased by 40% to P8 billion while expenses climbed by 12.1% to P3.91 billion.

At the local bourse on Tuesday, shares of Manila Water went up by 18 centavos or 0.96% to close at P18.88 apiece.

The water concessionaire serves the east zone network of Metro Manila, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns in Rizal province. — Sheldeen Joy Talavera