Manila Water secures P10B loan from China Banking

Manila Water Co., Inc., led by Razon, has secured a 10-year term loan facility worth P10 billion from China Banking Corp. to fund its capital expenditure (capex) projects.

The company plans to use the funds for various capex initiatives but did not disclose specific details about which developments will be supported.

As of September this year, Manila Water's capex reached P16.7 billion, with 90% attributed to the east zone concession.

In December last year and earlier this year, Manila Water also secured a total of P27 billion from Land Bank of the Philippines, Metropolitan Bank & Trust Co., and international banks for its capex projects.

Manila Water's BNR Retrofit Project, which will cost P676 million, aims to regulate harmful nutrient discharge into the environment and is set to be completed by the fourth quarter of 2024.

The company reported an attributable net income of P10.1 billion for the first nine months of this year, marking a 39.1% increase from the same period last year.