A Decade of Development: The Impact of Manila's Extended Water Concession Deals
A 10-year extension of water concession agreements promises to enhance water security and facilitate infrastructural progress in Metro Manila, according to SOURCE_LINK.
In a historic move to secure the water future of Metro Manila and its surrounding provinces, the Economy and Development (ED) Council, under the leadership of President Ferdinand “Bongbong” Marcos Jr., recently approved a monumental 10-year extension of concession agreements with the giants Maynilad Water Services Inc. and Manila Water Company Inc.
Aligning with Legislative Mandates
Held on June 18, the inaugural meeting of the ED Council marked a significant transition from its old identity as the NEDA Board to a more integrated body. This council sanctioned the extension of the Revised Concession Agreements with a clear vision: to align contracts with the legislative franchises of Maynilad and Manila Water by extending the agreements until January 21, 2047. This extension brings a united front against potential water crises and positions the agreements in harmony with Republic Act Nos. 11600 and 11601.
Economic Boosts and Investment Acceleration
The generous concession timeframe aims to jumpstart capital investments and minimize the pressures on tariffs, promising an anticipated government revenue boost of about P50.3 billion. According to GMA Network, this program significantly contributes to securing a long-term water supply, fostering both economic growth and better quality of life across the region.
Infrastructure Projects on the Horizon
In addition to securing water resources, the ED Council has blazed a path for pivotal infrastructure projects. Noteworthy approvals include the P27.7-billion Farm-to-Market Bridges Development Program. Spearheaded by the Department of Agriculture, it seeks to build 300 climate-resilient modular steel bridges, enhancing connectivity across 52 provinces.
The council also greenlit the P5.1-billion Liloan Bridge Construction Project of the Department of Public Works and Highways. This effort aims to replace the existing structure with a 721-meter, four-lane bridge, connecting Panaon Island to mainland Leyte. This initiative is poised to facilitate mobility and invigorate local economic activities.
Fostering Inclusive Growth
ED Council Vice Chairperson and Economics Secretary Arsenio Balisacan underscored the ambitions of these forward-looking projects. They look to address long-standing infrastructure gaps and stimulate economic opportunities, particularly in remote and disadvantaged locales.
Reborn through the enactment of RA No. 12145, the ED Council continues the legacy of collaborative economic planning with an expanded membership, including new voices from health, governance, and employment sectors.
This pivotal evolution not only secures water resources but also deepens the nation’s economic roots—ensuring a robust and integrated path towards prosperity for millions of Filipinos. –NB, GMA Integrated News