Laguna Water Corporation, a subsidiary of Manila Water Company, Inc., has signed a PhP 1.33 billion omnibus loan and security agreement with the Development Bank of the Philippines (DBP) to finance the modernisation of its facilities and the expansion of its water network. The loan is secured under DBP’s Philippine Water Revolving Fund – a collaborative effort between the Philippine government, the United States Agency for International Development, and JICA – to address the need for efficient and sustainable water supply in the Philippines, in line with the Millennium Development Goals. Earlier, in April 2013, Laguna Water signed a PhP 500 million term loan with DBP with the option to increase the term loan to PhP 1.33 billion. The loan would be disbursed in two tranches – PhP 500 million that would be released this year, followed by a tranche of PhP 833 million in 2014.