MANILA – The Boracay arm of Ayala-owned Manila Water Co. Inc. has signed a P650-million loan agreement yesterday to finance its capital expenditures with a local bank.
Boracay Island Water inked a third omnibus loan and security agreement with Security Bank. The latter agreed to finance the company in order to fulfill its service obligations in Aklan province.
The loan would be used to finance a major water infrastructure for the island. According to Boracay Water general manager Ben Manosca, the said project includes a 5.5 kilometer transmission line that will run from the water source in Nabaoy to the water plant in Caticlan.
“This will increase the water supply capacity in preparation for summer and the (holding of the) Asia Pacific Economic Conference 2015 in Boracay,” he said.
Boracay Water was launched in 2009 under an agreement with Manila Water and the Tourism Infrastructure Authority and Enterprise Zone Authority (TIEZA). It serves water to Manoc-Manoc, Balabag, and Yapak in Boracay Island.
The company plans to build a new sewer network as well as a new sewage treatment plant.
Currently, it serves 5,600 customers in the island. There are also talks about possible expansion. As a matter of fact, they are preparing for the construction of P298 million sewer network for Brgy. Manoc-Manoc and its surrounding areas.
Aside from these, there will be additional 14 lift stations to be built to augment the functions of the existing ones.
Manosca added that the newest sewage treatment plant (STP) which will also be located in Brgy. Manoc-Manoc will be able to treat about five million liters of wastewater every day.
The company will finalize the design of the STP and construction will start in December.