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Solon questions proposed water rate hikes of Manila Water, Maynilad Written by Charlie V. Manalo Wednesday, 18 July 2012 00:00

Wednesday, July 18, 2012

Solon questions proposed water rate hikes of Manila Water, Maynilad


Bayan Muna Rep. Teddy Casiño yesterday questioned the proposed water rate hike of Manila Water Corp. (MWC) and Maynilad Water Services Inc. (MWSI), saying they were passing on to the public costs that should be shouldered by the big corporate concessionaires.

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

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/index.php/metro-section/item/1686-solon-questions-proposed-water-rate-hikes-of-manila-water-maynilad

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