MANILA - Manila Water Co Inc said Wednesday it would shut its purified water Healthy Family Business unit effective end-October this year due to losses and inability to sustain business operations.
Launched in 2015, Healthy Family is a brand of purified drinking water under its Manila Water Total Solutions Corp.
Manila Water Total Solutions Corp, meanwhile, is engaged in consultancy and related services for the implementation of water and used water network-related projects.
"Due to recurring losses and inability to financially sustain business operations, Manila Water Total Solutions Corp. (MWTS), a wholly owned subsidiary of Manila Water, will be permanently closing its Healthy Family Business Division effective Oct. 31, 2020," Manila Water told the stock exchange.
"While the Healthy Family Business Division has in recent years made strong efforts to improve operations and profitability, the ever-increasing competition in the bottled water industry and the recent economic challenges have proved too difficult to cope and keep the business afloat," it said.
Its subsidiary MWTS will continue to exist, operate and engage in water and wastewater and environmental services.
The Philippine Competition Commission on Tuesday said it "cleared" billionaire Enrique Razon's acquisition of a controlling stake in Manila Water.