Water firm allots P605M for improvements
September 17, 2011
OLONGAPO CITY – Subic Water and Sewerage Company Inc. (Subicwater), a utility firm based in Subic Freeport and Olongapo City, is keen on investing P605 million new investments to enhance its service for the next three years.
Subicwater General Manager Edna Canlas said the details of this capital investment is outlined in the firm’s three-year business plan, which was submitted late April this year to the Subic Bay Water Regulatory Board for review.
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The plan, according to Canlas, is to enhance its operational and financial efficiency, response time on customer-related matters, and service level improvement, which includes area coverage, continuity of water supply, average pressure, water quality, and sewage effluent quality.
“Achieving these targets requires the construction of new infrastructure and the procurement of related equipment worth P605 million,” Canlas said.
“However, the required capital expenditure is higher than that of Subicwater’s projected net income for the next three years. Capital expenditures will thus be funded by a mix of income and loans, which also meets the regulating body’s required 70-30 capex commitment,” she explained.
In a recent development, government-owned Land Bank of the Philippines has approved a P450-million loan for Subicwater. Canlas, however, clarified that Subicwater is keen on getting P200 million only for now.
The loan facility was made formal in a simple document-signing ceremony held at the DMCI office in Makati City recently.
Subicwater Chairman Herbert Consunji signed the loan agreement with Land Bank vice president for Public Sector Department Lolita Silva and officials of the P200-million loan guarantor — the Philippine Export-Import Credit Agency — led by its Senior Vice President lawyer Jane Lim-Laragan and vice president for Business Development Lilia Baun.
PhilEXIM, also known as the Trade and Investment Development Corporation of the Philippines, is a government-owned corporation attached to the Department of Finance.
In a statement, Consunji described the loan transaction as a “landmark development” for Subicwater as the firm continues to raise capital spending while keeping water tariffs “as low as possible.”
“This loan will be used for the improvement of water and sewerage service in the Subic Bay Freeport and Olongapo City. We assure our customers that we will continue to give them the best service at the lowest costs possible, to help our fellowmen keep up with the present cost of living,” Consunji added.
Subicwater implemented the first build-operate-and-transfer scheme for a water and sewerage system in the Philippines and in Southeast Asia, taking over the operation of the water supply and sewerage system of the Subic Bay Freeport and Olongapo City in 1997.
The firm was formed by a joint venture agreement in 1996 among the Subic Bay Metropolitan Authority, Biwater PLC of Great Britain, DM Consunji Inc., and the now-defunct Olongapo City Water District. (Anthony Bayarong)
Source: http://www.sunstar.com.ph/pampanga/local-news/2011/09/15/water-firm-allots-p605m-improvements-179556
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