Jan. 23 (Bloomberg) -- Maynilad Water Services Inc. said it plans to more than double spending on Philippine water projects to 17.2 billion pesos ($423 million) this year, its biggest capital investment since it was privatized in 1997.
The utility, which provides water to half of Manila, said in a statement that it will use internal funds and a loan from the World Bank to finance its infrastructure spending.
“The previous years have been about water service transformation,” President Ricky Vargas said in the Jan. 20 statement. “Now that we have improved and expanded our water services in the West Zone, our next challenge is to accelerate our sewerage and septage coverage.’’
These projects ‘‘will require a lot of resources,’’ said Maynilad, a venture of DMCI Holdings Inc. and Metro Pacific Investments Corp.