Manila Water, Metro Pacific team up for Cebu project
MANILA, Philippines - Manila Water Company Inc. and Metro Pacific Water Investments Corp. are teaming up for the Cebu water supply project.
Earlier this year, the Manila Water consortium signed a joint venture deal with the Cebu provincial government to develop the first long-term bulk water supply project in the province.
Under the partnership, Metro Pacific Water will acquire 39% of the cosortium, while the Ayala-led water firm will retain the majority ownership at 51%. The Gaisano group holds 10% of the consortium.
The Cebu bulk water supply project, a public private partnership project, will provide 35 million liters per day of water.
"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, in a statement.
For his part, Metro Pacific Water President and CEO Victorico P. Vargas said the project is a PPP project "at its best."
"You have a progressive provincial government and two committed private companies working together to give Filipinos a better life," he said.