Liquidity problems EDITORIAL 07/25/2010

Liquidity problems

EDITORIAL Click to enlarge 07/25/2010 Was there really a water shortage? Or has Metro Manila been a victim of an elaborate stage-managed crisis situation to extract a water rate hike? The circumstances on the supposed water crisis were very suspicious. The operator of the water services for the so-called west zone of the capital region made up of the cities of Manila, Quezon, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon is Maynilad Water Services Inc., which is deep in debt to the tune of anyhere between P11 billion and P14 billion and is in desperate need of an increase in water rates to improve its supply network. Maynilad used to be managed by the Lopezes but it unilaterally rescinded its concession contract with the Manila Water and Sewerage System (MWSS) and got away with it without any penalties and later on decided to stay on in exchange for the government converting P8 billion of the company’s debts into government equity.... MORE Source:  The Daily Tribune URL: http://www.tribuneonline.org/commentary/20100725com1.html

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