Tribunal favors Maynilad vs. gov’t over P3.4-B compensation claim

MANILA, July 25 — The three-man arbitral tribunal has ordered the Philippine government to pay PHP3.42 billion to Maynilad Water Services, Inc., the water unit of Metro Pacific Investment Corp. (MPIC), as it ruled the company’s compensation claim valid against the government’s Undertaking Letter.

In a disclosure to the Philippine Stock Exchange (PSE) Tuesday, MPIC said the tribunal ordered the government to reimburse Maynilad PHP3.42 billion for losses from March 11, 2015 to August 31, 2016, “without prejudice to any rights that Maynilad may have to seek recourse against MWSS (Metropolitan Waterworks and Sewerage System)” for losses incurred from January 1, 2013 to March 10, 2015.

The tribunal also ruled that the company is entitled to recover from the government its losses incurred from Sept. 1, 2016 onwards.

“In case a disagreement on the amount of such losses arises, Maynilad may revert to the Tribunal for further determination,” MPIC added.

“We will continue to honor our commitments under the CA (Concession Agreement) and pursue the capital expenditure projects that will improve further the quality of service to our customers, as well as support the government’s initiative in ensuring the sustainability of our country’s water resources,” said Maynilad President and CEO Ramoncito Fernandez.

Sought for comments, the office of MWSS Administrator Reynalod Velasco said it will wait for the copy of decision of the arbitral tribunal before making any comments.

MWSS said it has yet to receive the copy of the decision on the arbitration case. (Kris M. Crismundo/PNA)

Popular

PBBM extends aid to fire-hit vendors, reviews healthcare programs in Ilocos Norte visit

By Joyce Ann L. Rocamora | Philippine News Agency President Ferdinand R. Marcos Jr. on Friday extended livelihood assistance to vendors affected by the fire...

VP Sara on Trial: What transpired in the hearing of Article IV?

By Brian Campued With the impeachment proceedings against Vice President Sara Duterte now focused on Article I or the alleged misuse of confidential funds, a...

U.S. wants Quiboloy extradited ‘as soon as possible’ —envoy

By Brian Campued The United States government wants to extradite Kingdom of Jesus Christ (KOJC) founder Pastor Apollo Quiboloy “as soon as possible” due to...

PBBM pushes for passage of priority bills under 20th Congress

By Brian Campued President Ferdinand R. Marcos Jr. is pushing for the passage of more than 20 priority bills by June next year as he...