Manila Water Co. Inc. is seeking to increase rates by 5.83 pesos a cubic meter to help fund its 426 billion-peso ($9.9 billion) capital spending plan until 2037, the provider to half of the Philippine capital said.
A public consultation was held yesterday by state regulator Metropolitan Waterworks and Sewerage System to discusse the price-increase proposal, Manila Water said in a stock exchange filing.
New water rates may take effect as early as the third week of July once the regulator completes its review this month, Philippine Daily Inquirer reported today, citing Emmanuel Caparas, acting chief regulator at the MWSS Regulatory Office.
Maynilad Water Services Inc., the other provider in the capital, is asking for an increase of 8.58 pesos a cubic meter to recover its planned 692 billion-peso spending in the next 25 years, Inquirer said.
Shares of Manila Water, a unit of Ayala Corp., rose 2.1 percent to 34.80 pesos as of 10 a.m.
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