Manila Water Philippine Ventures, Inc. (MWPVI), a wholly-owned subsidiary of ultra bilyonaryo Ricky Razon-led Manila Water Co., has secured from Security Bank Corp. a P3 billion 10-year term loan facility .
In a stock exchange filing, Manila Water said proceeds of the loan would be used exclusively to partially finance capital expenditures, fund existing projects of MWPVI’s subsidiaries or equity investments, and/or fund working capital or for general corporate purposes.
MWPV is Manila Water’s vehicle for projects outside of its East Zone concession with the Manila Waterworks and Sewerage System.
With focus on geographic expansion, MWPV is tasked to look for new acquisitions and partnerships across the country while leveraging on the track record set by the existing businesses in Boracay, Cebu, Clark and Laguna.
MWPV has other new projects in its portfolio including the Zamboanga City performance-based non-revenue water reduction project under Zamboanga Water Company and the Tagum City bulk water supply project.