MANILA Water Co., Inc. announced on Monday that its subsidiary signed a $110-million, or over P6 billion, three-year term loan with two Singaporean banks.

Manila Water Asia Pacific Pte. Ltd. signed the deal with Singapore branches of Mizuho Bank and ING N.V., its parent company said in a stock exchange disclosure.

“The proceeds of the loan will be used to refinance existing debt,” Manila Water said.

Manila Water Asia Pacific was established in 2010 as the holding company for international ventures.

It is the sole shareholder of Manila Water South Asia Holdings Pte. Ltd., Thu Duc Water Holdings Pte. Ltd., Kenh Dong Water Holdings Pte. Ltd., and Manila Water (Thailand) Co.

Manila Water also announced that Boracay Island Water Co., Inc. (Boracay Water) has allocated P1.1 billion “to further intensify water and wastewater services” in Boracay Island and ensure compliance with its service obligations.

Boracay Water is a unit of Manila Water through its subsidiary Manila Water Philippine Ventures and a concessionaire of Tourism Enterprise Zone Authority.

For 2023, Manila Water recorded a consolidated net income of P5.59 billion, down 6% from P5.92 billion a year earlier.

Consolidated revenues went up by 35% to nearly P31 billion. This was attributed to the recovery of the east zone’s commercial and industrial account and the 20% increase in revenues of the company’s non-east zone businesses in the Philippines.

Shares in the company climbed by 20 centavos or 0.97% to close at P20.80 each. — Sheldeen Joy Talavera