MANILA, Philippines (The Adobo Chronicles, Manila Bureau) -What will Manila Water and Maynilad do with a total of P10.8 Billion awarded to them by the Permanent Court of Arbitration (PCA)?
Invest in more water!
PCA has ordered the Philippine national government to pay the Ayala-owned Manila Water P7.4 Billion and Manny Pangilinan’s Maynilad P3.4 Billion for losses the two water concessionaires incurred due to rejected water hikes back in 2015.
In a joint statement issued today, the two firms announced they will invest their award in bottled water. “We always like to invest our money in more profitable ventures,” the statement said.
The bottled water — bearing the brand Manila Water and Maynilad — will be available to consumers starting this December, but only in Ayala Malls nationwide.
SM Malls have their own bottled water distributed under their Bonus brand.
