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MWSS refutes Maynilad’s compensation claim

17 Mar

BY UNICAPITAL SECURITIES

The Metropolitan Waterworks and Sewerage Services (MWSS) said that the claim of Maynilad Water Services for a sovereign compensation has no merit even, as the Department of Finance (DOF) is now determining the veracity of the claim.

Maynilad is seeking sovereign compensation of PHP 3.44 billion for revenue losses it claims to have incurred from January 1, 2013 to February 28 this year as a result of the postponement by the MWSS of the implementation of the increase in its basic water charge as award after its arbitration proceedings.

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MWSS chief regulator Joel Yu said Maynilad would not incur losses because it is allowed to recover its investments for the remainder of the concession agreement through succeeding rate rebasing that would be conducted in the years 2017, 2022, 2027 and 2032.

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Posted by on March 17, 2015 in Corporate News, MPI, MPI, Stock Market

 

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