Conscious Investing Today
  • Top News
  • Business Insider
  • Economic Indicators
  • Investing Ideas
  • Politics News
  • Stock Analysis
  • Editor’s Pick
No Result
View All Result
  • Top News
  • Business Insider
  • Economic Indicators
  • Investing Ideas
  • Politics News
  • Stock Analysis
  • Editor’s Pick
No Result
View All Result
Conscious Investing Today
No Result
View All Result
Home Politics News

Manila Water’s revised water contract with gov’t marks ‘new chapter’

by
April 16, 2021
in Politics News
0
Manila Water’s revised water contract with gov’t marks ‘new chapter’
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT

AN OFFICIAL from listed Manila Water Co., Inc. said on Friday its revised concession agreement (CA) with the government is an important milestone for the firm, adding the contract took more than a year to negotiate.

“This important milestone is a culmination of several months of hard work and discussion with several key government agencies to arrive at what we see as a new working template for public-private partnership,” Manila Water Chairman Fernando Zobel de Ayala said during the company’s annual stockholders’ meeting held virtually.

He said that the CA, which took more than a year to negotiate, marked a “very important new chapter” for the company.

Under the revised agreement, Manila Water will no longer be allowed to charge its customers for corporate income tax and implement foreign currency differential adjustments. The agreement is patterned after the economic provisions of the New Clark City Joint Venture Agreement.

During the stockholders’ meeting, Manila Water President and Chief Executive Officer Jose Rene Gregory D. Almendras said that the agreement will allow the company to “focus on the urgent need to ensure sustainable water supply and wastewater services to the East Zone of Metro Manila.”

He added that the revised concession agreement also “imposed caps on increases in wastewater and water tariffs, while removing the main issue of taxes.”

ADVERTISEMENT

In a previous disclosure, Manila Water said the revised CA lowers the “inflation factor to two-thirds of the consumer price index adjustment, and imposes caps on increases in standard rates for water and wastewater.”

“Instead of a market-driven appropriate discount rate, Manila Water shall now be limited to a 12% fixed nominal discount rate,” the firm said in a regulatory filing on April 5.

Manila Water also said the rate-rebasing mechanism under the original agreement is retained. “Thus, the rates for water and sewerage services provided by Manila Water shall be set at a level that will permit it to recover over the term of the concession expenditures efficiently and prudently incurred and to earn a reasonable rate of return,” it explained.

The revised CA also includes a tariff freeze until Dec. 31, 2022 in line with the government’s program of assisting the disadvantaged sector and contributing to economic recovery.

Manila Water, a subsidiary of Ayala Corp., is the exclusive provider of water and used water services to over six million people in the Manila Water Concession, particularly in the East Zone of Metro Manila and Rizal Province.

Shares in Manila Water rose by 0.69% or 10 centavos to close at P14.50 apiece on Friday. — Angelica Y. Yang with a report from Revin Mikhael D. Ochave

Related Posts

PHINMA Corp. to conduct annual stockholders’ meeting through remote communication on July 14
Politics News

PHINMA Corp. to conduct annual stockholders’ meeting through remote communication on July 14

June 25, 2022
ACE Malolos Doctors announces schedule of hybrid stockholders’ meeting on July 18
Politics News

ACE Malolos Doctors announces schedule of hybrid stockholders’ meeting on July 18

June 24, 2022
ING to exit PHL retail banking business by this year
Politics News

ING to exit PHL retail banking business by this year

June 24, 2022
Next Post
Senator asks Energy dep’t to explain sale of Chevron’s Malampaya stake to Udenna

Senator asks Energy dep’t to explain sale of Chevron’s Malampaya stake to Udenna

Strong rains seen to hit Eastern Visayas, Bicol Sunday as 2nd typhoon of the year enters PHL

Strong rains seen to hit Eastern Visayas, Bicol Sunday as 2nd typhoon of the year enters PHL

More added to 4th vaccination priority group, but jab schedule uncertain

More added to 4th vaccination priority group, but jab schedule uncertain

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Categories

  • Economic Indicators
  • Editor's Pick
  • Investing Ideas
  • Politics News
  • Stock Analysis

Popular News

  • A Minute With: Family Reunion cast on relatable story lines

    A Minute With: Family Reunion cast on relatable story lines

    0 shares
    Share 0 Tweet 0
  • Twitter launches ‘Milk Tea Alliance’ emoji as movement grows

    0 shares
    Share 0 Tweet 0
  • Gas and car bills to soar under green revolution

    0 shares
    Share 0 Tweet 0
  • Level up your gaming experience with vivo Y20s [G]

    0 shares
    Share 0 Tweet 0
  • Rehab, expansion of General Santos airport seen completed by Q2

    0 shares
    Share 0 Tweet 0
No Result
View All Result

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Highlights

Best TVs of 2022: Which should you buy?

Difference Between Mighty Plus Vaporizer and Pax 3 Vaporizer

ING to exit PHL retail banking business by this year

Expats Move to Portugal for Low Expenses, Charming Villages and Seaside Views

Why You Should Consider Buying Used Construction Machinery for Business?

British businesses must work harder to entice employees back to office

Trending

PHINMA Corp. to conduct annual stockholders’ meeting through remote communication on July 14
Politics News

PHINMA Corp. to conduct annual stockholders’ meeting through remote communication on July 14

by
June 25, 2022
0

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience...

ACE Malolos Doctors announces schedule of hybrid stockholders’ meeting on July 18

ACE Malolos Doctors announces schedule of hybrid stockholders’ meeting on July 18

June 24, 2022
How To Automate a Workflow: Step-by-Step Guide

How To Automate a Workflow: Step-by-Step Guide

June 24, 2022
Best TVs of 2022: Which should you buy?

Best TVs of 2022: Which should you buy?

June 24, 2022
Difference Between Mighty Plus Vaporizer and Pax 3 Vaporizer

Difference Between Mighty Plus Vaporizer and Pax 3 Vaporizer

June 24, 2022

Disclaimer: ConsciousInvestingToday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2021 ConsciousInvestingToday. All Rights Reserved.

No Result
View All Result
  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.