CEBU, Philippines - The continuous boost of Cebu is not only attracting more investors from other countries but has also made it possible for two business competitors to join in on one project of the province.
Cebu Governor Gwendolyn Garcia said that the Metro Pacific Water (MetroPac) Investments Corporation and the Manila Water Company Inc. will be working together on a bulk water supply project for Cebu as one of their public-private partnership projects.
After the two companies battled each other out in a Swiss challenge for the said project, a partnership has been established proven by a joint venture agreement signed earlier this year by the companies and the provincial government.
MetroPac is owned by Manny Pangilinan while the Manila Water Company is run by the Ayala group.
Garcia said that this is the first time that two big names in one industry decided to work in one project. “Cebu will be very proud that this could only have happened here. Much like our One Cebu vision, we now see two powerful giants becoming one.”
The project, which is reported to reach P700 million, is expected to supply 35 million liters per day of potable water in the northern and central areas of the province.
MetroPac brought 39 percent of the shares of Manila Water but with the latter still maintaining majority of the shares at 51 percent. The Cebu-based Gaisano Group also acquired 10 percent of shares of the said venture.
Garcia said that the partnership of two of the biggest names in the country is really massive for the business industry.
In a report by the Philippine Star, MetroPac President and Chief Executive Officer Victorico Vargas said that the project is worth looking forward to since it is between a progressive provincial government and two committed private companies working together to give Filipinos a better life.“Partnerships at its best,” described Vargas.
Manila Water president also said in a statement that the partnership will increase the production of water supply in the province.
“The strengths and capabilities of these new partners combine to create a distinctive value proposition to enhance water supply development in Cebu and greatly promote sustainable development of the province,” Manila Water President and CEO Gerardo C. Ablaza, Jr. said. (FREEMAN)