Manila Water to raise rates in January

ABS-CBN News

Posted at Dec 19 2014 06:29 PM | Updated as of Dec 20 2014 02:29 AM

MANILA, Philippines - Customers of Manila Water Company are facing higher water bills in January.

In a disclosure to the stock exchange on Friday, Manila Water Company said it is raising the foreign currency differential adjustment (FCDA) component of customers' water bills by P0.36 per cubic meter.

"Effective 15 days after publication, water rates for the customers of Manila Water will have a FCDA of P0.36 per cubic meter. This is based on the exchange rates of US$1:PHP44.7979 and JPY1:PHP0.4156," the company said.

Manila Water said the FCDA component of customers' water bills will be adjusted to 1.32% of the basic charge for the first quarter of 2015.

The FCDA is a tariff mechanism formulated to account for foreign exchange losses or gains arising from the payment by Manila Water of concession loans and foreign currency-denominated borrowings of the MWSS, as well as Manila Water loans.

Manila Water said the FCDA has no impact on the company's projected net income.

Ayala-led Manila Water is the water concessionaire for the East Zone.