MANILA Water Co. Inc. subsidiary Manila Water Philippine Ventures Inc. (MWPV) has signed a 10-year supply contract with the Metropolitan Cebu Water District (MCWD).

"We wish to inform that Manila Water Philippine Ventures, Inc. (MWPV) has signed a 10-year contract agreement with the Metropolitan Cebu Water District for the supply and delivery of potable surface water," Manila Water said in a disclosure on Wednesday.

Under the agreement, MWPV will supply 30,000 cubic meters of surface water daily to MWCD at a price of P58 per cubic meter for the first five years, with a 10 to 12 percent increase for the next five years.

MCWD was looking for another supplier following the termination of its contract with Cebu Manila Water Development Inc. due to disagreements on the tariff rate.

Manila Water's share price rose 18 centavos on Wednesday to P17.98.

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