Gearing Up to Become
a Global Filipino Water Company

2021 Integrated Report

Business Review

Manila Water
Philippine Ventures

Manila Water Philippine Ventures

Manila Water Philippine Ventures (MWPV) is the growth platform of Manila Water in the Philippines via acquisitions and partnerships. MWPV focuses on developing strong partnerships with local government units, water districts as well as key players in the property sector with its core domestic operating subsidiaries namely, (1) Boracay Water, (2) Clark Water, (3) Laguna Water, and (4) Estate Water (a division of Manila Water Philippine Ventures).

Efficient management of water and wastewater infrastructure in top resorts to align with the gradual return and recovery of tourism in the island

Management of water and wastewater in one of the largest industrial parks in Philippines

Leverage on operations and maintenance expertise to serve the real estate development sector

Continue gaining traction in water, wastewater and sanitation services in the province of Laguna with the adoption of appropriate business development strategies

On a consolidated MWPV level, revenues declined slightly by 1% to Php4,175 million which were mostly on account of the 38% drop in revenues in Boracay Water with the prevailing travel restrictions on the island, as well as lower supervision fees of Estate Water due to slowdown in its greenfield projects.

MWPV ended 2021 with a net loss of Php476 million. This is a 1% improvement from its net loss position of Php480 million last year.

Here is a snapshot of the operating and financial highlights of our core subsidiaries under Manila Water Philippine Ventures:


Billed volume of Laguna Water increased by 2% driven by the increase in consumption of residential accounts with the energization of the Laguna Wellfield.

With the increase in expenses outpacing revenues, however, Laguna Water's net income decreased by 3% to Php466 Mn for the period.


Billed volume of Estate Water declined 4% to 10.1 mcm due to lower consumption from its residential and commercial segments.

Estate Water experienced a significant drop in supervision fees as a result of lower construction progress in greenfield projects. Consequently, Estate Water closed the year with a net loss position of Php199 Mn.


Billed volume of Boracay Water decreased by 29% in 2021 mainly due to travel restrictions amid the COVID-19 pandemic.

With the significant decline in revenues due to COVID-19, Boracay Water posted a net loss of Php175 Mn for the period.


Billed volume of Clark Water decreased by 4% to 12.8 mcm in 2021 due to the lower total consumption of its commercial and government accounts.

Despite the lower billed volume, Clark Water's performance improved significantly due to lower power costs and repairs and maintenance expenses, as well as the reversal of provision for tax exposures. Clark Water's net income stood at Php52 Mn for the period.

(in mcm) FY 2021 FY 2020 FY 2019
Clark Water
Billed Volume (in mcm) 12.8 13.4 (4%)
Net Income (in Php Mn) 52 (80) 165%
Laguna Water
Billed Volume (in mcm) 45.9 44.9 2%
Net Income (in Php Mn) 466 483 (3%)
Boracay Water
Billed Volume (in mcm) 2.3 3.2 (29%)
Net Income (in Php Mn) (175) (115) (52%)
Estate Water
Billed Volume (in mcm) 10.1 10.5 (4%)
Net Income (in Php Mn) (199) (72) (175%)


MWPV deployed capital expenditures amounting to Php2,994 Mn, 33% higher than 2020 CAPEX.

On September 30, 2021, Manila Water disclosed that the consortium between the Company and its wholly owned subsidiary, Manila Water Philippine Ventures (MWPV) received a Notice of Award from the Provincial Government of Pangasinan (PGP) for the implementation of joint venture project for the provision of bulk water supply to the Province of Pangasinan. Upon completion of the conditions precedent the consortium and PGP shall sign a concession agreement to implement the project with an estimated capital expenditure program amounting to Php8 billion over the 25-year contract period. The project is expected to deliver a billed volume of 200 million liters per day by year 2025.


Pangasinan Bulk Water Supply Project

In partnership with the Provincial Government of Pangasinan

Billed Volume

25 Years
Contract Duration

Php 8B

44% of the Pangasinan's Total Population