Capitol favors MVP’s interest in water supply joint venture

By Oscar C. Pineda

Wednesday, November 21, 2012
CAPITOL welcomed Metro Pacific Investments Corp.’s entry into a water supply joint venture project of the Provincial Government and a private consortium.
Capitol consultant Rory Jon Sepulveda said that aside from Metro Pacific, which is led by Manuel V. Pangilinan, other investors are also interested in the project.
Metro Pacific’s Water Investment Corp. acquired a 39-percent stake in the Manila Water Consortium, which entered into an agreement with the Cebu Provincial Government to undertake a water supply project. This was confirmed in a statement issued by Melody Del Rosario, vice president for corporate communications of Metro Pacific.
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Manila Water Consortium also involves the Gaisanos’ Vicsal Development Corp. and Ayala Corp.
Cebu Gov. Gwendolyn Garcia signed last March an agreement with the consortium for a P702-million bulk water supply project, which will tap Luyang River in Carmen to produce 35,000 cubic meters of water daily for northern Cebu consumers.
Under the agreement, 49 percent of the total investment needed, or P343.98 million, will come from the Capitol while the rest, amounting to 358.02 million, will come from the private consortium.