Manila Water Company: Manila Water Contributes P1 Billion to Government Coffers

Manila Water Contributes P1 Billion to Government Coffers

Posted: Wednesday September 5, 2007

Manila Water handed over a check amounting to more than P200 million to Department of Finance Sec. Margarito Teves as payment for the Company’s income tax for the second quarter of 2007. This brings its income tax payments for the first half to P435 million. By the end of this year, Manila Water said that it would have contributed more than P1 billion to the government’s coffers.

The Board of Investments (BOI) previously granted Manila Water, as a pioneer industry, an income tax holiday (ITH) incentive which has expired in 2006. The tax savings that the Company derived from this benefit were invested in capital projects geared towards the improvement of water supply and wastewater services in the East Zone.

With the expiration of its ITH, Manila Water became one of the country’s roster of large corporate taxpayers starting this year. “We are happy to note that Manila Water is a responsible taxpayer. Their gesture of paying their taxes on time will provide the much needed boost to our government’s revenues,” said DOF Sec. Margarito Teves.

“Our company’s performance is well ahead of target and these tax payments have been factored into our financial forecasts. We believe that contributing to national development is still a major objective of Manila Water and our tax payment today is an indication that we remain committed to this goal,” Manila Water President Antonino T. Aquino said.