Manila Water's Fernando Zobel de Ayala to Duterte: We’ll make sure gov’t, customers won’t pay P7.4B arbitral award

Manila Water's Fernando Zobel de Ayala to Duterte: We’ll make sure gov’t, customers won’t pay P7.4B arbitral award




This Filipino-Spanish billionaire is not like being cussed in public, most especially if the other person is the President of the Republic of the Philippines.

That is why one of the richest man in the country did not think twice in bowing down to appease President Rodrigo Roa Duterte, in his letter to the President last December, Fernando Zobel de Ayala stated twice that the Ayala-owned Manila Water Co.’s demand for P3.4 billion compensation for its losses from the government’s move to block water rate hikes would no longer be pursued as against the government.



“We will not collect the P7.39 billion arbotral award…We will work closely with the proper government agency to make sure that the P7.39 billion arbitral award will not have to be paid by the government directly or through customers,” wrote Zobel.

Fernando Zobel de Ayala
(photo credit to owner)


“We fully share your mandate to put the interest of the people as the primary objective,” he added.

Aside from the compensation awarded by a Permanent Court of Arbitration based in Singapore, Zobel said Manila Water would immediately start negotiations to “identify provision that are considered illegal, onerous or disadvantageous to the government in our water concession agreement.”

Zobel also agreed to defer the water rate hike approved by the Metropolitan Waterworks and Sewerage System(MWSS).

















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Report from Bilyonaryo

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