Manila Water Co. Inc. signed an agreement to provide water and used water services to all real estate developments of Ayala Land Inc. as well as its subsidiaries and affiliates.
Manila Water said in a disclosure to the stock exchange wholly-owned unit Manila Water Philippine Ventures signed the agreement with Ayala Land’s 24 other subsidiaries and affiliates, including Cebu Holdings Inc., Cebu Property Ventures and Development Corp. and Ayalaland Hotel and Resorts Corp.
MWPV under the agreement will provide water and used water services to all ALI Group projects nationwide.
“The objective of the MoA is to leverage on the respective expertise of the parties in order to provide optimum services and facilities to their customers and clients,” Manila Water said.
The Ayala Land Group earlier provided in-house water and used water services and facilities in it property development projects.
Ayala Land and Manila Water are both majority-owned by conglomerate Ayala Corp.
Ayala Land is one of the biggest integrated property developers in the Philippines with several projects nationwide. It is primarily engaged in development of residential, commercial and leasing businesses.
The company recently focused on developing several integrated mixed-use developments in various parts of the country, including Cavite, Pampanga, Alabang, Bacolod, Iloilo, Quezon City, Cagayan de Oro, Bulacan, Cebu, Laguna, and Taguig.
Ayala Land earlier unveiled a new business plan that would boost the company’s net income by 20 percent annually to as high as P40 billion by 2020.
The company aims to achieve the goal by aggressively rolling out residential projects while increasing investments in recurring businesses and optimizing the utilization of its landbank.
The property firm also remains positive on key economic drivers, especially consumer spending, overseas remittances, strong revenues business process outsourcing industry and bigger tourist arrivals.