MANILA – Water rates for customers of Manila Water are expected to go down next month after the Metropolitan Waterworks and Sewerage System (MWSS) approved its foreign currency differential adjustment (FCDA).
Starting April 1, Manila Water customers will see a reduction of P0.31 per cubic meter as its approved FCDA is lower than the previous quarter.
“Effective April 1, 2015, water rates for the customers of Manila Water Company Inc. will have a Foreign Currency Differential Adjustment (FCDA) of P0.05 per cubic meter,” the firm said in a disclosure to the stock exchange on Friday.
The adjustment translates to an over P1 reduction in the bills of customers using 20 cubic meters a month.
Manila Water said the FCDA has no impact on its projected net income.
MWSS has also approved Maynilad’s FCDA, which translates to a P0.01 per cubic meter increase.
The adjustment means a hike of around P0.16 for users of 20 cubic meters per month.
The FCDA adjustment is separate from the rate hikes that Maynilad and Manila Water are fighting for in arbitration.
Maynilad earlier said it should be compensated by government of over P3 billion due to the non-implementation of its approved tariff rate hike.
MWSS, however, said the compensation and Maynilad’s claims that it has been losing more than P200 million per month as long as the tariff increase is not imposed have no legal basis. -- With a report from Alvin Elchico, ABS-CBN News