Manila Water, MWSS delay start of new concession deal to March 18
MANILA WATER Co., Inc. said that it has agreed to delay the start of the new concession deal with the regulator, the Metropolitan Waterworks and Sewerage System (MWSS), to March 18.
In a disclosure on Thursday, Manila Water said the delay was agreed to in a fourth amendment to the Revised Concession Agreement (RCA).
The delay allows “more time for the remaining condition precedent to the effectivity of the RCA” to be accomplished. No details were provided on the “remaining condition” that needed to be fulfilled.
The RCA, which was renegotiated after the government sought a new deal, claiming that the original agreement was disadvantageous, includes a tariff freeze until Dec. 31, 2022 and the removal of the foreign currency differential adjustment.
It also includes a tariff adjustment formula for inflation, which will be two-thirds of the growth reflected in the consumer price index.
The three previous amendments also involve postponements of the RCA effectivity date.
Manila Water provides water and wastewater services to the East Zone concession area of Metro Manila. — Luisa Maria Jacinta C. Jocson
