Metro Pacific Investments Corp. said a wholly-owned water utility company was awarded a P12.35-billion water distribution project in Iloilo province.
Metro Pacific said in a disclosure to the stock exchange MetroPac Water Investments Corp. officially received from Metro Iloilo Water District the notice of award for the rehabilitation, operation, maintenance and expansion of MIWD’s existing water distribution system and construction of wastewater facilities.
MPW and MIWD will sign a joint venture agreement upon the completion of the post-award activities.
A joint venture corporation will implement the project, including the right to bill and collect tariff for the water supply and wastewater services provided to the customers in the service area of MIWD.
The project cost for the 25-year concession is estimated at P12.35 billion, with an initial equity investment of P600 million in 2018.
MIWD’s service area includes Iloilo City and seven municipalities in Iloilo province including Pavia, Oton, Maasin, Cabatuan, Sta. Barbara, Leganes and San Miguel.
The estimated population in the service area of MIWD is 844,618.
The Iloilo water distribution project is the second water project of MPW in Iloilo. In 2015, the water utility was also awarded the development of MWID’s P2.8-billion bulk water project.
MPW said in November it was looking at 26 potential water infrastructure projects in the Philippines and Asean. It is also eyeing two more international projects after it recently ventured in Vietnam, with the acquisition of a 45-percent stake in BOO Phu Ninh Water Treatment Plant Joint Stock Company for P615 million.
It also has a pending proposal for a bulk water project in Pampanga province which would involve the development of 200 mld of water.
MPW is also operating water projects that collectively provide 150 MLD of water in Cebu, Laguna and Iloilo.
It finalized a deal with Cagayan de Oro Water District in August, involving the supply of 100 MLD of treated bulk water for distribution to some 85,000 households.
It also has joint venture with MacroAsia Corp. for the Maragondon bulk supply project in Maragondon Water District.