PSEi dips on water rate ruling

The local bourse slipped on Thursday on profit-taking amid confusion about the unexpected rejection of the arbitration claim of Manila Water Co. Inc. (MWC) for an increase in water rates.

MWC filed for arbitration in 2013 after the state-owned Metropolitan Waterworks and Sewerage System (MWSS) denied both water suppliers’ applications for rate increases. Last month, a similar arbitration case involving Maynilad Water Services Inc. resulted in that concessionaire’s rate-hike petition being accepted.