A COA report cites the regulator’s lack of diligence in enforcing the government’s claim which represents borrowing costs and penalties due to Maynilad’s delay in remitting concession fees
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MWSS-Central Office earlier requested the COA to approve its recommendation to drop the penalty cost from its books, citing an order from the Rehabilitation Court in 2007. On June 1, 2005, the Rehabilitation Court approved the rehabilitation plan submitted by the water concessionaire. It integrated the terms and conditions of the Debt Capital Restructuring Agreement proposed by Maynilad. A subsequent order issued in 2007 declared that Maynilad had successfully implemented debt restructuring.
Based on the government claim, the cost of borrowings amounted to P3.953 billion while penalties on the delayed remittance of concession fees totaled P1.118 billion.
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