MPIC unit, Iloilo water district to form joint venture

MetroPac Water Investments Corp., a wholly-owned subsidiary of Metro Pacific Investments Corp. (MPIC), is forming a joint venture with Metro Iloilo Water District for a 25-year bulk water supply project.

Metro Iloilo Water officially received a notice of award to rehabilitate, operate, maintain, and expand the existing water distribution system and construct wastewater facilities for Metro Iloilo, MPIC said on Thursday.

The cost of the 25-year concession is estimated at P12.35 billion, with an initial equity investment of P600 million in 2018, the company said.

“MetroPac Water and Metro Iloilo Water shall enter into a joint venture agreement upon completion of the post award activities,” it said.

A joint venture corporation will be organized in line with the agreement, it added.

“The joint venture corporation shall 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 Metro Iloilo Water,” MPIC said.

Metro Iloilo Water’s service are covers Iloilo City and the municipalities of Pavia, Oton, Maasin, Cabatuan, Sta. Barbara, Leganes, and San Miguel.

As of 2017, the service area has estimated population of 844,618. — Ted Cordero/VDS, GMA News