Manila Water Rates Poised To Go Up

Manila Water Company, Inc. (MWC) will be charging customers slightly higher rates towards the end of the year as a result of loan payments in Japanese yen, which strengthened against the peso.

MWC has stated that water rates will be increased by Php0.08 per cubic meter in its area because of the foreign currency differential adjustment (FCDA).

On the other hand, Maynilad Water Services, Inc. which is more exposed to the US dollar, may result in gains to customers via slightly lower monthly bills since the currency has weakened against the peso.

Maynilad has stated that the all-in average tariff adjustment would allow its customers to enjoy a 0.22 centavo reduction in their monthly water bill – which may lead to more spending specially those who are looking for credit cards for teenagers.

Local bond prices on the short end of the curve climbed during today’s trading session, while long-end tenors sold off thinly as investors anticipated the new bond offering of FXTN series 20-19 tomorrow to be slightly higher than the current levels. Yields declined by an average of 2.5 basis points across the curve, led by the short end which dropped 7.8 basis points, whereas the long end of the curve climbed 3 basis points.

The Philippine peso lost ground as disagreements between Europe’s leaders further prolonged the region’s debt woes, causing investors to flock to safe-haven currencies. The local currency lost 11.5 centavos to close at 41.775.

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