West Manila: forex losses take their toll
- From: Vol 2, Issue 4 (April 2001)
- Category: General
- Region: Asia
- Country: Philippines
- Related Companies: Benpres Holdings and Ondeo
The Asian Development Bank (ADB) has said that it is not inclined to look at a loan restructuring package to help ease the burden of Maynilad Water Services’ debt payments. Maynilad’s problems stem from an $800 million debt inherited from the state-owned Metropolitan Waterworks and Sewerage System (MWSS).
The loan was originally valued at 20 billion pesos but is now worth 40 billion pesos at the current dollar/peso exchange rate ($1:P49.65). Of the $800 million, around $250 million was secured from the ADB. In September 1999, the bank agreed to provide a further $170 million of loans to Maynilad (a $45 million loan and a ...
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