MANILA -- The Maynilad Water Services Inc. on Friday announced a hike in its average basic rate by PHP0.97 per cubic meter starting January next year.

In a statement, Maynilad said the average basic rate adjustment amounts to 2.8 percent of the PHP34.51 per cubic meter average basic charge in 2017, which represents the consumer price index adjustment.

Maynilad was also granted a 0.6 percent foreign currency differential adjustment (FCDA) by the Manila Waterworks and Sewerage System (MWSS), based on the approved 2018 average basic charge of PHP35.48 per cubic meter.

FCDA is a mechanism granted to utilities to recover losses or return gains from the fluctuating movements of the peso against other currencies.

Maynilad noted that the decrease in foreign currency differential was not enough to offset the overall rates.

With the new rate, customers consuming 10 cubic meters or less will have a bill amounting to PHP121.65 from PHP118.95, or an increase of PHP2.70.

Those consuming 20 cubic meters, meanwhile, will be charged PHP455.74 from PHP445.56 for the previous month, or a difference of PHP10.18.

Households consuming 30 cubic meters per month will also have to pay PHP930.32, compared with PHP909.54 from the previous month.

Maynilad covers the West Zone of the Greater Manila Area, which consists of Manila, Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon.

It also serves the cities of Cavite, Bacoor and Imus, along with the towns of Kawit, Noveleta and Rosario. (PNA)