MANILA, Philippines - A unit of Metro Pacific Investments Corp. (MPIC) has inked a deal to operate and maintain bulk water facility in Bukidnon.
In a disclosure to the stock exchange, Metro Pacific said its subsidiary Metropac Water Investments Corporation (MWIC) entered into an agreement to operate and maintain the 100 mld bulk water facility of Rio Verde Water Corporation (RVWC) in Baungon, Bukidnon.
The agreement will be implemented through a subsidiary that will be created by MWIC.
RVWCI is the exclusive supplier of bulk surface water to Cagayan de Oro Water District, which supplies the water needs of more than 80 percent of Cagayan de Oro's population of 640,000.
"MWIC will utilize the expertise of its water affiliates to improve operational efficiency, minimize operating losses, ensure uninterrupted service, and extend the life of the assets," the company said.
MWIC is expected to help RVWCI to improve its efficiency in supplying Cagayan de Oro City with its municipal water needs, and to eventually decommission deteriorating deep wells.