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MANILA - Metro Manila's water utilities will adjust their rates in the fourth quarter to recover their foreign currency costs.
In a disclosure to the Philippine Stock Exchange, Manila Water Company Inc. said it will hike its rates by P0.08 per cubic meter due to its quarterly Foreign Currency Differential Adjustment.
FCDA is a tariff mechanism that takes into account foreign exchange losses or gains arising from the payment of the utilities' loans for service expansion and improvements.
Manila Water said low-income households or those consuming less than 10 cubic meters of water per month are exempt from the increase.
Maynilad Water Services Inc. meanwhile will reduce its rates by an average of P0.09 per cubic meter on account of its FCDA adjustment.
Maynilad's lifeline customers will enjoy a P0.22 per cubic meter reduction in their water bill as a result of the downward FCDA adjustment.
The rate hike borne out of the utilities' FCDA will take effect 15 days after the issuance of a public notice.
Manila Water is state-run Metropolitan Waterworks and Sewerage System's east zone concessionaire, which covers Quezon City, Mandaluyong City, San Juan City, Marikina City, Pasig City, Pateros, parts of Manila and Makati in Metro Manila as well as Rizal and Bulacan provinces.
Maynilad, the MWSS west zone concessionaire, services the water requirements of parts of Manila, Quezon City, Makati, Caloocan, Pasay, Paranaque, Las Pinas, Muntinlupa, Valenzuela, Navotas, and Malabon all in Metro Manila; Bacoor, Imus, Kawit, Noveleta and Rosario in Cavite province.
Manuel V. Pangilinan chairs both Maynilad and TV5, for which InterAksyon.com is the online news portal.
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