MANILA, Sept. 4 (PNA) — First Philippine Holdings Corporation (FPHC) has announced its upcoming bid for the Bulacan Water Supply Project, along with an unnamed partner.
“The Board of Directors of First Philippine Holdings Corporation approved the participation of FPHC, through a consortium, in the bidding for the Bulacan Bulk Water Supply Project,” the company said in a disclosure to the Philippine Stock Exchange (PSE) on Thursday.
The number of partners involved in the project is still uncertain, due to ongoing finalization of definite agreements with its possible partner/partners as stated by the company.
“This is subject to the finalization of definitive agreements with its potential partner(s), the conduct of due diligence and compliance with the bidding requirements, among others,” it said.
The project will tap deep wells in the area to supply water requirements to the municipalities of Bulacan, its implementing agency is the Metropolitan Waterworks and Sewerage System.
The Public-Private Partnership Center said on its website that the prequalifying bid for the project is still ongoing. The entire project cost is Php 24.4 billion or USD 542.22 million.
Moreover, the disclosure noted that Vice President, Assistant Corporate Secretary and Assistant Compliance Officer Rodolfo Waga Jr, is retiring. Esmeraldo Amistad was stated to be the replacement for both the assistant positions.
First Philippine Holdings Corporation has investments in power generation, real estate development, roads and tollways operations, manufacturing and construction, financing and other service industries.
Its subsidiaries and affiliates include First Gen Corporation, Energy Development Corporation First Philippine Industrial Corporation and Rockwell Land Corporation. It also has a 3.95 percent stake in the Manila Electric Company (Meralco).
For the second quarter of 2014, FPHC has earned Php 4.57 billion, higher than last year’s Php 930 million. (PNA)