MWSS reviews application of Manila Water, Maynilad for a rate increase
Metropolitan Waterworks and Sewerage System (MWSS) is now reviewing the application of Maynilad Water Services, Inc. (Maynilad) and Manila Water Corp. (MWC) for a water rate hike starting July.
In Manila Bulletin report, both Maynilad’s Stakeholders Communications office head Jennifer Rufo and Manila Water Corporate Communications Head Jeric Sevilla confirmed that their respective companies have already submitted the application for the Foreign Currency Differentials Adjustment (FCDA) adjustment in the next quarter.
FCDA is a tariff mechanism approved every quarter. MWSS grants it to water concessionaires to allow them to recover losses or give back gains arising from the fluctuating movements of the peso against other currencies.
“As far as the FCDA is concerned, we are still waiting for the MWSS RO’s [Regulatory Office] final approval. If ever, it will be published on June 15 to take effect on July 1. Unfortunately, no figures yet from the MWSS RO,” Sevilla said in the report.
The upward adjustment, he said, is due to the depreciation of peso in the past weeks.
According to him, the upward FCDA adjustment is “due to the peso depreciation”.