Maynilad and Manila Water say they will no longer implement arbitration rulings which compel the government to pay them billions of pesos.
that the Singapore Permanent Court of Arbitration granted last November.
Maynilad president Ramoncito Fernandez also said the company will no longer pursue an arbitration ruling from the same court, which granted them P3.4 billion. The cases stem from the decision by the Metropolitan Waterworks and Sewerage System trimming water rates back in 2015, instead of approving increases. Rates should be adjusted upward once every 5 years, according to the concession agreement.
Moreover, Manila Water will no longer hike water rates in January 2020. As for Maynilad, it said it is"open" to deferring the implementation of the new rates. The MWSS also said it has formed a technical working group which will review the concession agreement. Both Manila Water and Maynilad will sit down with that panel.
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