MANILA - The government has been ordered to pay P3.42 billion in losses related to delayed tariff rate implementation to Maynilad, Metro Pacific Investments Corp. said Tuesday.
A three-man arbitral tribunal upheld the validity of Maynilad’s claim against the government directive to compensate the water distributor for the delayed implementation of its relevant tariffs from 2013 to 2017, the disclosure from Metro Pacific said.
The reimbursement the court ordered covered losses from March 2015 to August 2016, "without prejudice to any rights that Maynilad may have to seek recourse against MWSS for losses incurred from 1 January 2013 to 10 March 2015."
The Tribunal also ruled that Maynilad is entitled to recover its losses from September 2016 onwards.
Maynilad President and CEO Ramoncito S. Fernandez welcomed the decision of the Tribunal, saying it affirmed the company's trust and confidence in the court.
“We will continue to honor our commitments under the CA (Concession Agreement) and pursue the capital expenditure projects that will improve further the quality of service to our customers, as well as support the Government’s initiative in ensuring the sustainability of our country's water resources,” he was quoted as saying in the disclosure.
Metro Pacific said Maynilad will coordinate and cooperate with the government in finding the most efficient way to implement the judgment.