Manila Water Philippine Ventures
Manila Water Philippine Ventures supports the improvement of local communities’ quality of life with its 23 operating subsidiaries implementing water and environmental projects across the country. MWPV focuses on developing strong partnerships with local governments and key players in the property sector with its core domestic operating subsidiaries namely, Boracay Water, Clark Water, Laguna Water, and Estate Water.
On a consolidated MWPV level, revenues declined by 10% to ₱4.2 billion. The 4% growth in water and wastewater revenues was offset by the 70% decline in Estate Water’s supervision fees due partly to a change accounting treatment, while further weighed down by project delays brought about by COVID-19. MWPV’s growth was attributable to the 9% increase in billed volume mostly coming from the full year operations of new operating subsidiaries and the higher effective tariff of Laguna Water.
Laguna Water’s billed volume increased by two percent to 44.9 mcm in 2020 on the back of increased consumption by the residential segment, but this was partially offset by the lower consumption of commercial and industrial accounts due to the restrictions brought about by COVID-19. Meanwhile, with the tourism and manufacturing sectors severely affected by the pandemic, Boracay Water and Clark Water’s billed volume declined by 33% and 7% respectively. Lastly, Estate Water’s billed volume was flat versus the previous year at 10.5 mcm in 2020.
MWPV posted a net loss in 2020 amounting to ₱480 million.
Manila Water Asia Pacific
Manila Water’s presence in the ASEAN region is spearheaded by Manila Water Asia Pacific. With market presence in Vietnam, Thailand, and Indonesia, MWAP leverages the experience gained from the East Zone to explore opportunities in the region.
On a consolidated MWAP level, equity share in net income of associates decreased by 67% to ₱214 million. This was mainly due to the finalization of the purchase price allocation of the investment in East Water which was acquired in 2018.
Manila Water inked a Management, Operations and Maintenance Contract with Saudi Arabia’s state-run water agency, the National Water Company in partnership with French water distributor Saur Group and Saudi’s Miahona Company. The seven-year agreement covers the implementation of enabling projects and the management of the water and wastewater facilities and systems of the North West Cluster served by National Water Company. MWAP’s consolidated net loss ended at ₱371 million in 2020.