CUSTOMERS of west zone water concessionaire Maynilad Water Services, Inc. will see a reduction in their water bills for the fourth quarter due to rate adjustments.
In a notice, the Metropolitan Waterworks and Sewerage System (MWSS) said Board Resolution No. 2021-098-RO granted Maynilad a foreign currency differential adjustment (FCDA) of -0.55% of its average basic charge of P36.24 per cubic meter (/cu.m.), equivalent to an average refund of 20 centavos/cu.m.
The said board resolution was recommended by the MWSS Regulatory Office.
“This adjustment shall be effective 15 days after publication, or on Oct. 18, 2021,” the notice said.
The change in FCDA will result in a reduction of 18 centavos, 69 centavos, and P1.40 in the monthly water bills of residential customers using 10 cu.m., 20 cu.m., and 30 cu.m., respectively.
Meanwhile, Manila Water Co., Inc. Corporate Communications Head Dittie Galang said in a mobile phone message that the east zone water concessionaire had yet to receive the board resolution detailing its own approved FCDA for the fourth quarter.
FCDA is a quarterly reviewed tariff mechanism that allows water concessionaires to regain losses or return gains as a result of the movement in foreign exchange rates. The water providers pay foreign currency-denominated concession fees to MWSS, as well as loans that are used to fund projects to expand and improve water and sewerage services.
However, the revised concession agreements signed earlier in the year by Manila Water and Maynilad with the government no longer allow the implementation of the FCDA and the recovery of corporate income taxes from customers.
Consumers will still have to wait as Manila Water said in a recent stock exchange disclosure that the effectivity of its revised concession agreement had been moved to “no later than Nov. 18, 2021” after it was originally scheduled to take effect on Sept. 30.
The water provider said the move was meant to harmonize the effectivity date of its revised agreement with that of Maynilad, which was also given a deadline of Nov. 18.
Manila Water provides water and wastewater services in the eastern part of Metro Manila, which includes Marikina, Pasig, Taguig, Makati, San Juan, Mandaluyong, portions of Quezon City and Manila, and Rizal province.
Meanwhile, Maynilad supplies water to customers in Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, Malabon, Manila, Makati, and Quezon City, as well as parts of Cavite province including Bacoor, Imus, Kawit, Noveleta, and Rosario.
Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave
Maynilad customers’ bills set to go down in fourth quarter
Source: Bantay Radio
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