Ayala-led Manila Water Company Inc. is now the exclusive water concessionaire for the development projects of SM Prime Holdings Inc. and its subsidiaries and affiliates.
Manila Water, through its wholly owned subsidiary Manila Water Philippine Ventures Inc. (MWPV), signed on Thursday a memorandum of agreement with the property developers SM Prime, SM Development Corp., SM Residences Corp. and their affiliates and subsidiaries.
“The objective of the parties in entering into the agreement is to leverage on their respective expertise in order to provide the optimal service and facilities for their customers and clients,” Manila Water said in a regulatory filing.
SM Prime is the biggest mall developer and operator in the country. Next year, SM Prime is targeting to open seven malls.
Manila Water supplies most of Metro Manila’s bulk water needs since its concession agreement with the Metropolitan Waterworks and Sewerage System (MWSS) was forged in 1997, particularly covering the 23 cities and municipalities of the East Zone of Metro Manila and nearby areas.
The company provides water and wastewater services across a 1,400-square kilometer area of Metro Manila that includes Makati, Mandaluyong, Pasig, Pateros, San Juan, Taguig, Marikina, most parts of Quezon City, portions of Manila, as well as the 14 towns of Rizal province. Its concession with MWSS was extended to 2037.
Apart from its domestic business, Manila Water also has business arrangements in Vietnam.