To extend its concession rights in New Clark City, West Zone concessionaire Maynilad Water Services, Inc. confirmed that it is set to provide water and wastewater operations in the area for more than two decades.

In a disclosure to the Philippine Stock Exchange on Thursday, Aug. 27, Maynilad said it approved investment in a public-private partnership project with the Bases Conversion and Development Authority (BCDA) and Korea Water Resources Corp. (K-Water), allowing them to pursue a 25-year water supply deal.

Although financial details were omitted from the written disclosure, the approval follows an unsolicited proposal the two water companies submitted to the BCDA last February, valued at around ₱15 billion.

The firm has yet to confirm the partnership's start date. A separate report noted that Maynilad will hold a 30 percent stake in the joint venture, K-Water will hold 40 percent, and the BCDA will take the remaining 30 percent.

Maynilad’s current interim concession expires this year, and the company has yet to clarify when the joint venture project will officially commence.

According to the BCDA, New Clark City currently has a water capacity of about 30 million liters per day, which is projected to rise to between 150 and 200 million liters per day under the expanded project.

Ahead of this development, Maynilad reported a 14 percent increase in first-half net income to ₱8.51 billion, driven by expanded service coverage, reduced non-revenue water, scaled-up wastewater and sanitation operations, and sustained infrastructure investments.

The company's billed connections stood at 1.58 million, with total billed volume reaching 290.8 million cubic meters during the six-month period.

Maynilad expects to end the year with ₱28 billion in capital expenditures—down from its initial ₱30 billion outlook—and may pull forward next year's borrowings if interest rates remain favorable.