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Manila Bulletin devider devider Calapan Waterworks allots P400 million to expand service

Calapan Waterworks allots P400 million to expand service

Published Apr 3, 2018 12:00 am
By James A. Loyola Calapan Waterworks Corporation (CWWC), a wholly-owned subsidiary of publicly listed Philippine H2O Ventures Corporation, is investing P400 million to step-up efforts to improve the water system in Calapan City, the capital of Oriental Mindoro province. H20, the water unit of listed Jolliville Holdings Corporation of businessman Jolly Lim Ting, is engaged in the operation, maintenance and distribution of water supply system through subsidiary CWWC. CWWC said its initiative, which has been ongoing since early 2017, will result in the system improvement to benefit up to 25,000 households and businesses. The company said the P400 million will fund major infrastructure projects, affirming its commitment to improve the delivery of water service and keep up with the rapid pace of development in Calapan City. "The development plan has already seen the completion of 6.1 kilometers of transmission pipelines, the commissioning of a new water source and installation of booster pumps that have improved the water service substantially in the first quarter of 2018," CWWC said. It added that, "the improvement of the water service for Calapeños is designed to provide adequate water supply to address the progressive development in Calapan for the next 5 to 10 years and beyond." CWWC affirmed its commitment to improve the water service in Calapan City with its vision to provide dependable and reliable water service and be a driver in accelerating the economic growth and development of the city. Calapan City is one of the fastest growing cities in Southern Luzon and expects accelerated growth in business, agriculture and tourism in the coming years. Jolliville Holdings’ affiliates had earlier agreed to sell their combined 62.006 percent stake in H2O to Udenna Development Corporation of businessman Dennis Uy or any of its subsidiaries or affiliates for P327.7 million. One of the conditions for the sale is the spinoff by H20 of all its existing businesses and assets, including shares and interests in CWWC and all other interests in other corporations. H20 is also transferring its water business to Tabuk Water Corporation for P442 million as part of the spinoff. Jolliville Holdings is the parent company of both H2O and Tabuk Water.
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