Manila Water to cut rates starting April

MANILA, Philippines - Residents of Metro Manila and parts of Cavite and Rizal provinces will enjoy a cut in their water bills effective April 1.

Manila Water Corp., which holds the concession for the east zone of Metro Manila, said it would implement a downward adjustment of P0.08 per cubic meter due to the improved performance of the Philippine peso vis-a-vis other currencies based on the exchange rate of $1:P46.85 to $1:P46.028. 

The foreign currency differential adjustment (FCDA) component of the water bill will be adjusted from P0.35 to P0.27 per cubic meter, Manila Water said.

The adjustment was approved by the Metropolitan Waterworks and Sewerage System on March 10. 

The FCDA is a tariff mechanism that was formulated to recover or account for foreign exchange losses or gains arising from the payment of Manila Water of foreign-currency denominated concession fees to the MWSS as well as loans for its service expansion and improvement.  Thus, the tariff adjustment has no impact on the projected net income of the company.  – Zinnia dela Peña