The Manny V. Pangilinan-owned Maynilad Water Services and Ayala-Razon’s Manila Water are likely to increase rates in 2023 as the peso weakens further against the dollar.
Metropolitan Waterworks and Sewerage System (MWSS) chief regulator Patrick Lester Ty said the two water concessionaires will likely ask permission to charge higher fees by the first quarter of 2023.
MWSS allows concessionaires to reassess their rates periodically. With the peso trading at P59 to $1, service providers will pass on the cost to consumers through the foreign currency adjustment component of utility bills.
“It will have an effect definitely, but we will try our best to minimize or at least spread this increase through the next five years,” Ty told reporters.
Water rates are currently being reviewed and reset by the MWSS and will take effect by January 1, 2023.