MPIC unit bags P2.8-B Iloilo water project

Published November 24, 2015 12:00pm

A subsidiary of Metro Pacific Investments Corp. (MPIC) on Tuesday said it was awarded a P2.8-billion contract to basically operate and maintain a bulk water project under a joint venture with the Metro Iloilo Water District.

MPIC's wholly-owned subsidiary MetroPac Water Investments Corp. received the Notice of Award for the Iloilo Bulk Water Supply Project from Metro Iloilo, according to a filing by MPIC Vice President Melody del Rosario.

MetroPac Water and Metro Iloilo are forming a company under the 2013 National Economic Development Authority Guidelines on joint venture. MetroPac Water will hold an 80 percent interest in the new firm.

The joint venture will rehabilitate, expand, operate, and maintain Metro Iloilo's water production facilities. The goal is for Metro Iloilo to supply up to 170 million liter per day in the next 25 years.

The cost of the project was pegged at P2.8 billion based on 2014 prices.

"The joint venture agreement for the project will be executed upon the satisfaction of certain conditions precedent," the filing read.

MPIC also owns Maynilad Water Services Inc. and Metro Pacific Tollways Corp.

AF Payments Inc., a consortium of MPIC and the Ayala Group, bagged in January 2014 the P1.72-billion single ticketing scheme for the Metro Rail Transit and Light Rail Transit.

After operating for four months, AF Payments earlier this month said it has sold more than a million beep cards.

However, MPIC in August said it expects to incur another P2 billion in foregone revenues this year, given that proposed rate hikes in its water, road toll, and mass rail businesses remain on hold. – Jon Viktor Cabuenas/VS, GMA News

Tags: mpic, metroiloilowater