Metro Pacific unit, Manila Water tie up for Cebu project

MANILA, Philippines - Metro Pacific Water Investments Corp. (MPWIC), which has a stake in Maynilad Water Services Inc., has formed a partnership with Ayala-controlled Manila Water Company Inc.  (MWCI) for a water supply venture in Cebu.

Early this year, the MWCI-led Manila Water Consortium signed a joint venture agreement with the provincial Government of Cebu to develop the first long-term bulk water supply project for the northern and central parts of the province.

Under its partnership with the consortium, Metro Pacific Water agreed to acquire 39 percent of the consortium while Manila Water will continue to retain its majority 51-percent stake. The Gaisano Group hold 10 percent of the consortium.

The Cebu Bulk Water Supply Project is  expected to provide 35 million liters per day of bulk water and address the deteriorating groundwater condition in the province.

Manila Water President and CEO Gerardo C. Ablaza, Jr. welcomes the partnership with Metro Pacific Water into the consortium.

“The strengths and capabilities of these new partners combine to create a distinctive value proposition to enhance water supply development in Cebu and greatly promote sustainable development of the province,” he said.

“More than an investment venture, this is really public private partnership at its best. You have a progressive provincial government and two committed private companies working together to give Filipinos a better life,” said Metro Pacific Water president and CEO Victorico P. Vargas about the recently formed partnership.