The Metropolitan Waterworks and Sewerage System downplayed the impact of the depreciation of the Philippine peso against US dollars on water rates.
"We don't expect that it will be significant," MWSS Chief Regulator Lester Patrick Ty said on Thursday, September 29, during DZRH's Dos Por Dos.
Ty explained that MWSS signed a revised concession agreement that removes the foreign currency differential adjustment (FCDA) from the water bills charged by Maynilad Water Services and Manila Water Agreement to their customers.
FCDA allows concessionaires to recover their losses or give back gains arising from fluctuations in foreign exchange rates.
"Since last year pa, tinanggal na natin ang FCDA. Yung currency adjustment ay nilalagay natin sa OCP. Meaning niyan, ito ay parte na sa rate rebasing," the MWSS official explained.
"Any adjustment because of the FCDA, ito ay magkakaroon ng effect sa ating rate rebasing at ito ay spread out," he added.
On Thursday, the local currency dropped to Php 58.97 against the US dollar.
