A Manila Water Co. unit completed a sewage-treatment plant upgrade on Boracay Island four years ahead of schedule to ensure wastewater service for the tourist area, the Manila Times said, citing company officials.
Manila’s 12 million residents, farms and businesses will have enough water even with El Nino, the season of drought the country experiences each year, the Business Mirror reported, citing two water providers and an interview with the National Water Resources Board.
Metro Pacific Investments Co. reached its highest since September 2009 in Philippine trading after agreeing to acquire a 39 percent stake in Manila Water Consortium Inc., which runs a Cebu province water venture.
Manila Water Co., the Philippines’ largest publicly traded water provider, reported profit rose 28 percent last year to 5.44 billion pesos ($133 million), buoyed by higher billing volumes in the capital’s East Zone.
Manila Water Co. shares closed at a 7 1/2-year high after the company and Metro Pacific Water Investments Corp., which has a stake in Maynilad Water Services Inc., formed a partnership for a water venture in Cebu.
Manila Water Co., which supplies water to half of the Philippine capital, said it acquired a 47 percent stake in a Vietnamese water distributor through its Singapore unit to expand in Vietnam. Terms weren’t disclosed.