The Economy and Development (ED) Council, formerly the NEDA Board, on Wednesday approved a 10-year extension for the concession agreements of Maynilad Water Services Inc. and Manila Water Company Inc. to ensure continued water supply for Metro Manila and nearby provinces.
The approval, made during the council’s inaugural meeting Wednesday and chaired by President Ferdinand Marcos Jr., extends the agreements from July 31, 2037 to Jan. 21, 2047.
This aligns the contracts with the legislative franchises of both companies, as mandated by Republic Act Nos. 11600 and 11601.
The Department of Economy, Planning and Development (DEPDev) said in a statement the extension is expected to accelerate capital investments, reduce tariff pressures and secure long-term water supply. It is also projected to generate an additional 50.3 billion Philippine pesos ($858 million) in government revenues.
“Ensuring water security is fundamental to fostering economic growth and improving the quality of life for our growing population,” said DEPDev Secretary Arsenio Balisacan, who is also the ED Council vice chairperson.
“By aligning the concession agreements with legislative franchises, we are promoting policy coherence and long-term investment planning in the water sector,” he said.
