MANUEL Pangilinan-led Metro Pacific Investments Corp. (MPIC) said on Wednesday its water unit Maynilad Water Services, Inc. was coordinating with its Singapore counsel to contest the Philippine government’s bid to set aside an arbitral award issued by a tribunal in the arbitration between Maynilad and the government.
In a disclosure, MPIC said it received on Tuesday an email from the government’s Singapore counsel advising it that the government has filed an application with the High Court of Singapore to delay the execution of its order dated July 24, 2017.
The arbitral tribunal ordered the government to reimburse Maynilad P3.424 billion for losses incurred from March 11, 2015 to August 31, 2016, without impairing the water company’s right to seek recourse against MWSS for losses incurred between January 1, 2013 and March 10, 2015.
It also ruled that Maynilad could recover losses from the government from September 1, 2016 onwards, and that the company may return to the tribunal in the event a disagreement cropped up regarding the amount.
“While it has yet to be served copies of the summons and the Setting Aside Application, Maynilad is confident that there are no valid and meritorious grounds to challenge or set aside the Arbitral Award, and that the Republic’s latest efforts to frustrate and stonewall the enforcement of the Arbitral Award will fail,” MPIC said on Wednesday.
“Maynilad has already coordinated with its Singapore counsel to ensure that the Republic’s baseless application is disposed of expeditiously,” the company said. JORDEENE B. LAGARE