MANILA - An international court has ordered the Philippine government to pay P7.
39 billion in compensation to Manila Water for losses the water concessionaire incurred due to denied rate increases since 2015.
The Singapore-based Permanent Court of Arbitration ruled in favor of Manila Water, saying the Ayala-owned company "has a right to indemnification for actual losses suffered by it on account of the Republic’s breach of its obligation," the water concessionaire said in a Philippine Stock Exchange disclosure.
The amount represents "actual losses" Manila Water suffered from June 2015 until November 2019, it said. The government was also ordered to reimburse Manila Water's court expenses, including the fee it paid the Arbitration court. "Manila Water will work with the Republic for an orderly and managed satisfaction of the Award," the company said in a statement.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PH adjudged world’s leading dive destinationPhilippines was recognized as the world's leading dive destination at the World Travel Awards (WTA) Grand Final Gala 2019 held at the Landmark Royal Opera House Muscat, Oman on November 28.
Read more »
PH, Korea navies reaffirm strong tiesThe Philippine Navy (PN) and Republic of Korea (ROK) Navy have committed to further improve the two nation’s military cooperation with the visit of the latter's Navy chief in the country.
Read more »
P7.9 million in livelihood assistance extended to those affected by Boracay rehab in 2018 – DSWDAbout P7.9 million worth of livelihood assistance was distributed to families affected by the closure and rehabilitation of Boracay in 2018.
Read more »
Mayor Isko leads lighting of lamps along Taft AvenueManila Mayor Isko Moreno led the lighting of lamp posts along Taft Avenue on Friday night, in time with the opening of the 30th Southeast Asian Games (SEAG) on Saturday.
Read more »