CEBU CITY, Philippines — Negotiations to salvage the joint investment agreement for the bulk water supply project between the Cebu Provincial Capitol and Manila Water Consortium Inc. is already
The bulk water supply project in Carmen town that bore from the JIA, now yielding 35 million liters of water daily, is one of the water sources that Metro Cebu Water District uses to supply its service areas.
These breaches include the increase in the Capital Expenditure from P702 million to P1.003 billion; increase of tariff rate from P13.95 per cubic meter to P24.59 per cubic meter; decrease of the projected internal rate of return from 19.23 percent to 12.30 percent; non-remittance of the province’s receivables; and the plowing back of the Capitol’s earned revenues to the Capex of the project.In a letter dated October 4, 2019, MWCI President Virgilio Rivera Jr.
“It is also in the agreement, both chief executive will sit down and discuss the way to move forward. I shall sit down with their chief executive and not their emissaries,” Garcia said.
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