bin picking-Boracay cleanup jacks up Ayala unit’s capex
The Ayala group unit that is one of the two water service providers on Boracay Island expects its capital expenditures this year to rise to P700 million from P677 million amid cleanup efforts in the area.
Joseph Michael A. Santos, general manager and chief operating officer of Boracay Island Water Co. Inc., said in a briefing that this year’s capex was part of a P2.4-billion kitty for the next five years until 2022.
Boracay Water, a joint venture between Manila Water Philippine Ventures Inc. and the Tourism Infrastructure and Enterprise Zone Authority (Tieza), is in the first year of a five-year rate rebasing period.
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