A unit of Metro Pacific Investment Corp (MPIC) is launching a joint venture company with Metro Iloilo Water District (MIWD) for the rehabilitation and expansion of the latter’s existing water distribution business pegged at $246 million (P12.35 billion).
MPIC disclosed on Thursday (December 21) that its subsidiary MetroPac Water Investments Corp officially received from MIWD the Notice of Award for the rehabilitation, operation, maintenance, and expansion of MIWD’s existing water distribution system and construction of wastewater facilities.
“The project cost for the duration of the 25-year concession is estimated at P12.35 billion, with an initial equity investment of P600 million in 2018,” MPIC said in its statement.
The joint venture corporation to be created 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 MIWD.
MIWD’s service area includes Iloilo City and seven municipalities specifically Pavia, Oton, Maasin, Cabatuan, Sta. Barbara, Leganes, and San Miguel.
As of 2017, the estimated population in the service area of MIWD is 844,618.