Manila Water cuts rates

MANILA, Philippines - Customers of Metro Manila’s east zone water concessionaire will pay less for their water consumption starting next month because of the strengthening of the peso against other currencies.

In a disclosure to the Philippine Stock Exchange Friday, Manila Water Co. said it would reduce the foreign currency differential adjustment (FCDA) component of the water bill by 27 centavos per cubic meter or “adjusted from 1.24 percent to .01 percent of the basic charge” on July 1.

FCDA is a tariff mechanism that was formulated to account for foreign exchange losses or gains arising from the payment of Manila Water of foreign currency-denominated concession fees to the Metropolitan Waterworks and Sewerage System (MWSS) as well as loans for its service expansion and improvement.

As part of Manila Water’s advocacy and in support of the government’s program in protecting the environment, the water firm is now implementing projects geared toward the enhancement of wastewater coverage and provision of sanitation services. Among these projects include the cleanup of the San Juan, Marikina and Pasig River systems.

Manila Water said it has also been very supportive of the MWSS roadmap to explore potential new water sources as well as programs that would strengthen the company’s ability to mitigate the impact of environmental disasters.

The Manila Water continues to undertake rehabilitation programs to enhance its service in its concession area, which includes Mandaluyong, Pasig, San Juan, Marikina, Pateros, Makati, the southeastern part of Quezon City and San Andres and Sta. Ana in Manila.