The Land Bank of the Philippines said it agreed to a $275 million loan with the World Bank for wastewater treatment improvements in the metropolitan Manila area as well as to boost water quality in Manila Bay.
The funds will be split between the country’s two largest water concessionaires, Manila Water Co. and Maynilad Water Services Inc., according to terms of the agreement.
“The lack of proper wastewater systems significantly damages the environment, especially our coastal waters, and poses a genuine threat to the health of our citizens,” said Landbank Chief Executive Officer Gilda E. Pico.
To contact the reporter on this story: Randall Hackley in Zurich at email@example.com
To contact the editor responsible for this story: Randall Hackley at firstname.lastname@example.org