Clark Water to infuse P3.93B until 2040-A A +A
Thursday, August 28, 2014
CLARK Water Corporation and Clark Development Corporation recently inked a contract extending the concession agreement by another 15 years or until 2040.
The sole water and used water services provider of the Clark Freeport and Special Economic Zones pledged to invest P3.93 billion for the whole duration of the concession agreement, with the P1.06 billion to be expended in the first four years alone.
The P3.93-billion capital investment pegged for the whole concession term will be used for various improvements of the company’s water and used water facilities in order to promote the Freeport Zone as an ideal business hub for multinational companies.
For the year 2014, Clark Water has completed three new deep wells, upgraded three booster pumps, and installed generator sets on its old water sources to improve and strengthen supply reliability.
Alongside the extension of the concession agreement, Clark Water formulated a business plan that will serve as its project roadmap until the end of its concession period.
“The biggest chunk of our investment is allocated to source development for water projects and collection of used water. Source development includes the construction and commissioning of new water sources through the construction of new deep wells and infiltration wells. This also includes our ongoing feasibility study in the possibility of tapping surface water. On the other hand, our used water collection project involves the replacement, reinforcement, and construction of new sewer lines,” said Jesus D. Laigo, general manager and chief operating officer.
“At the end of the day, we are all guided by our desire to make the Clark Freeport Zone a top investment haven of choice and making our locators happy,” added Laigo.
Clark Water Corporation is the sole provider of water and wastewater services in the Clark Freeport and Clark Special Economic Zones and is a wholly-owned subsidiary of the Ayala-led Manila Water Company. (PR)