Manila Water to raise rates


Posted at Sep 21 2012 03:58 PM | Updated as of Sep 22 2012 03:26 AM

MANILA, Philippines - Ayala led-Manila Water on Friday said it will raise water rates by P0.08 per cubic meter.

In a disclosure to the stock exchange, Manila Water said it is increasing water rates due to the foreign currency differential adjustment (FCDA). The FCDA of the water bill will be adjusted from 3.19% to 3.49% of the basic charge.  

The price increase will take effect in 15 days. 

"The tariff adjustment has no impact on the projected net income of the company," said Manila Water, the concessionaire for the East Zone.  

The FDCA is as a tariff mechanism formulated to account for foreign exchange loses or gains arising from the payment of concessional loans and foreign currency-denominated borrowings of the Metro Manila Waterworks and Sewerage System (MWSS) as well as loans of the companies for service expansion and improvement of its services.