Melvin Tan '97, president of the Manila Water Consortium, Inc.

Cebu Province in Joint Water Venture

The Cebu provincial government on Friday disclosed that it has received a P21 million dividend payout from its joint venture with Manila Water Consortium Inc. with no less than Governor Gwendolyn Garcia receiving the fund handed by MWCI president Melvin Tan.

The provincial government said that common shares are the first share held by the province in the company when it was formed in 2012, while the preferred shares refer to the investment infused by the province in 2022.

On 10 August, the provincial government already received its P10.8-million dividend payout from its non-voting preferred shares from CMWD.

The provincial government is in a joint venture agreement with Cebu Manila Water Development Inc. which owns 51 percent of the company while the provincial government owns 49 percent.

CMWD extracts water from Luyang River in Carmen town in North Cebu which supplies 35 million liters per day to the Metropolitan Cebu Water District for Metro Cebu consumers.

Reprinted with permission from the Daily Tribune