The Provincial Government of Cebu signed today the Joint Investment Agreement with the Manila Water Consortium after the Provincial Board of Cebu issued a resolution last March 19, 2012 approving and authorizing Cebu Governor Gwendolyn F. Garcia to sign the Joint Investment Agreement.
The Joint Investment Agreement is for a period of 30 years renewable for another 25 years, where both the Provincial Government of Cebu and the Manila Water Consortium shall jointly develop water supply facilities that will deliver a minimum volume of 35 million liters per day of potable water to target cities and municipalities in the northern and central portions of the Province of Cebu.
Governor Garcia was extremely elated with the signing of the agreement saying that finally sustainable bulk water will be available for Cebuanos. "Today marks an important day for Cebuanos. We are very privileged to be a partner with a world-class consortium with an excellent track record of providing competitively-priced and high quality water service,” Garcia adds. "Cebuanos should celebrate this partnership as they are the main ‘winners’ in this agreement,” she stresses.
On the other hand, Manila Water Company Chairman Fernando Zobel de Ayala says that the Manila Water Consortium is extremely proud of this historic landmark agreement with the Provincial Government of Cebu and to be a committed partner in Cebu’s pivotal role in both regional and national development.
"This Joint Investment Agreement with the Cebuanos is a testament of a true public private sector partnership. We take pride in being part of a solution to Cebu’s growing water demand through a sustainable surface water source project and to be able to bring our quality of service to the province,” adds Zobel.
The JIA provides for an equity share of 51:49 between the Manila Water Consortium and the Province of Cebu, and for the establishment of a Joint Investment Company between both Parties.
The Cebu Bulk Water Supply Project shall be sourced from the Luyang River of the Municipality of Carmen and will partly provide the water requirements in the northern and central portions of the Cebu Province where only less than 50 per cent are currently served.
Targeted for operation by the third quarter of 2013, the bulk water supply project is also expected to improve the current groundwater condition in the province which has deteriorated due to the excessive use of deepwells.
- https://www.affordablecebu.com/
