Manila Water Company, Inc. (MWC) has formally signed a joint venture agreement with the Philippine Tourism Authority (PTA) for the design, financing, construction and operation of the Boracay water supply and sewerage system.
In a disclosure to the Philippine Stock Exchange, Glorina de Castro of Manila Water said the agreement officially recognizes Manila Water as PTA's private partner in the formation of a joint venture company for the operation, management, rehabilitation, expansion, and financing of water and sewerage services; and operation and maintenance of the existing drainage system in Boracay Island. The agreement is in accordance with the National Economic and Development Authority's Joint Venture (JV) guidelines for Government Owned and Controlled Corporations.
The joint venture company will enter into a 25-year concession agreement with the PTA.
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