Boracay closure seen to affect Manila Water’s income this year
Boracay Island Water Company, Inc. (BIWC), the only water service provider that has a sewerage system, is seen to lose more than half of its billed volume as a result of the upcoming closure of Boracay Island.
This, according to its parent company Manila Water Company, Inc., will surely hurt the entire group’s performance for the year, albeit slightly.
As of now, 70 percent of Boracay Water’s billed volume comes from tourist arrivals, while only 30 percent comes from the island’s residents, a report in Manila Bulletin showed.
Because of the closure, Manila Water president and chief executive officer Ferdinand Dela Cruz said there is certainly “an expected drop” in its operations.
“There will be impact on our financials. But we will still have customers to serve,” Dela Cruz was quoted as saying.
“The 70 percent goes away. [But] my own sense is it won’t be as extreme as that because there would still be people on the island,” he added.
Boracay Water currently holds the exclusive right to operate, manage, and expand water and used water facilities in the island until 2034.
Right now, Dela Cruz said the company is looking for ways to offset the losses Manila Water is seen to incur from its Boracay operations this year.