Ayala-led Manila Water Company, Inc. and Pangilinan-led Metro Pacific Water Investments Corporation recently formed a partnership for a water supply venture outside Metro Manila.
Early this year, the Manila Water Consortium has signed a joint venture agreement with the Provincial Government of Cebu (PGC) to develop the first long-term bulk water supply project in Cebu which will supply clean, reliable and affordable water to the northern and central parts of the province.
Under the new partnership, Metro Pacific Water agreed to acquire 39% of the consortium while Manila Water will continue to retain its majority ownership at 51%. The Gaisano Group holds 10% of the consortium.
The Cebu Bulk Water Supply Project is a landmark public private partnership project between the PGC and two of the country’s largest conglomerates and is expected to provide 35 million liters per day of bulk water and address the deteriorating groundwater condition in the province.
Manila Water President and CEO Gerardo C. Ablaza, Jr. welcomes the partnership with Metro Pacific Water into the consortium. “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,” said Ablaza.
“More than an investment venture, this is really public private partnership at its best. You have a progressive provincial government and two committed private companies working together to give Filipinos a better life,” said Metro Pacific Water President and CEO Victorico P. Vargas about the recently formed partnership.
