BPI lends P1.53 billion to Clark Water
MANILA, Philippines — A unit of Manila Water Co. Inc. has closed a P1.53-billion loan with Bank of the Philippine Islands (BPI) to finance projects and obligations.
In a disclosure to the Philippine Stock Exchange yesterday, Manila Water said Clark Water Corp., its subsidiary through Manila Water Philippine Ventures Inc. (MWPV), signed a P1.53 billion 10-year term loan facility with BPI.
“The proceeds of the loan will be used to partially finance Clark Water’s projects and pay its service concession obligations,” Manila Water said.
This follows the 90-day short-term loan agreement worth P100 million with Rizal Commercial Banking Corp. (RCBC) last Feb. 15. The loan was used to finance Clark Water’s capital expenditure requirements.
Clark Water was acquired by Manila Water in 2011 as part of its expansion outside of its core concession in Metro Manila’s East Zone.
It now forms part of Manila Water’s non-east zone (NEZ) under a division of MWPV.
Clark Water has a concession agreement with Clark Development Corp. (CDC) to finance, construct, operate and maintain the water and sewerage system inside Clark Freeport Zone in Pampanga.
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