Manila Water, govt to create firm that will supply water in Boracay

MANILA, Philippines - Manila Water Co. Inc. (MWCI) forged an agreement with the Philippine Tourism Authority (PTA), creating a joint venture that will supply and distribute water in Boracay, a world famous tourist spot. The joint venture will operate, manage, rehabilitate, expand, and finance water and sewerage services in the island for 25 years, Manila Water said in a disclosure to the Philippine Stock Exchange (PSE). It will also run and maintain the existing drainage system in Boracay island, the company added. “The agreement officially recognizes Manila Water as PTA’s private partner in the formation of [the said joint venture] company," Manila Water said. The company recently secured approval on Monday to extend its distribution contract in Metro Manila’s east zone, which covers Makati, Quezon City, and areas in Rizal province. The extension still requires “concurrence" of the Department of Finance, the company said, citing provisions in the original concession agreement which it entered into with the government in 1997. Announcement of Manila Water’s contract extension boosted share prices on Monday to P13.25 apiece. Share prices stayed at the same level during Tuesday’s trading at the PSE. - GMANews.TV