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Maynilad expects to win vs. PHL appeal before Singapore arbitration court


Maynilad Water Services Inc. expects the High Court of Singapore to uphold an earlier arbitration ruling against the Philippine government within the next six months.

“We are expecting that this appeal process will take a maximum of six months—that’s our estimated time for it to be resolved,” Jose Ma. Lim, president and chief executive officer of Metro Pacific Investments Corp. (MPIC), said in a press conference in Makati City.

MPIC is the parent company of Maynilad.

The Philippines appealed before the High Court of Singapore to set aside a ruling that ordered the government to pay Maynilad P3.424 billion in revenue losses from unimplemented rate adjustments.

“The government has filed an action in Singapore to vacate the ruling against the Republic in favor of the concessionaire,” Lim said.

“They have asked for the case to be sealed and, therefore, we cannot speak about the process,” he said.

Lim said the company is optimistic that the earlier ruling will be upheld. “Our lawyers say they have strong belief that we will win in this appeal.” —VDS, GMA News