- Written by Charlie V. Manalo
- Wednesday, 18 July 2012
The Metropolitan Waterworks and Sewerage System (MWSS) has approved the foreign currency differential adjustments of its water concessionaires, MWC and MWSI.
“This new round of water rates adjustment is both unjustified and unconscionable. It is outrageous for consumers to be made to pay for the risks and wrong business decisions of the water concessionaires with regard to the loans they make,” Casiño said.
“In other businesses, losses due to changes in foreign exchange rates are absorbed by the company as part of regular business risks. But in this case, the concessionaires borrow from foreign creditors without any qualms knowing that they are insulated from the risk ordinary borrowers take because they’re allowed to pass on their forex losses to their consumers. It is like having their cake and eating it, too,” Casiño said..... MORE
Source: The Daily Tribune