The Cebu Manila Water Development Inc. (CMWD), a joint venture firm of the Cebu Provincial Government and tycoon Enrique Razon Jr.’s Manila Water, turns over a check payment worth P461.5 million to the Development Bank of the Philippines (DBP) as loan payment.
The transaction was witnessed by Gov. Gwen Garcia, top officials of Manila Water led by its chief operating officer Melvin John Tan, and DBP’s senior vice president Ma. Lourdes Gumba at the Governor’s Office today, September 27.
Likewise, the Provincial Government also turned over a check worth P226.135 million to CMWD as its share of the loan payment.
It was in 2013 when DBP extended a loan facility to what is now Cebu’s first large-scale surface water project of CMWD in Carmen town, northern Cebu.
CMWD provides bulk water supply for Metro Cebu sourced from Luyang River of the northern town of Carmen. It currently has a production capacity of 35 million liters of water daily. | CL