Metro Pacific Investments Corp. (MPIC) on Tuesday got the green light for its Iloilo Bulk Water Supply Project, to be carried out by wholly owned subsidiary MetroPac Water Investments Corp. (MWIC).
“MetroPac Water Investments Corp., a wholly-owned subsidiary of Metro Pacific Investments Corporation, has formally received the Notice of Award for the Iloilo Bulk Water Supply Project from the Metro Iloilo Water District (MIWD), pursuant to the provisions of the 2013 NEDA Guidelines on joint-venture,” MPIC disclosed to the Philippine Stock Exchange on Tuesday.
MWIC and Metro Iloilo Water District (MIWD) will enter into a joint venture to rehabilitate, expand, operate, and maintain MIWD’s existing water production facilities.
The project, costing around P2.8 billion, is expected to supply 170 million liters of bulk water to MWID in 25 years.
MWIC holds 80 percent of the joint venture.
MPIC is a publicly listed holding company for investments in water utilities, toll roads, electricity distribution, healthcare services and light rail.
The company is 55.8-percent owned by Metro Pacific Holdings Inc., a subsidiary of First Pacific Company Ltd. of Hong Kong.