Annual Report 2009 - LWUA

2006 25,000,000 475,000,0002007 33,333,333 441,666,6672008 33,333,334 408,333,3332009 33,333,333* 375,000,0002010 33,333,334** 341,666,6662011 341,666,666 -* current portion for 2008 loans** current portion for 2009 loans3rd Tranche – P291.60 MillionThe approved Term Loan is for P500 Million, but only P291.60 Million were availed of. It carries an interest rate equivalent to LBP’s prime lendingrate plus 2% spread, subject to quarterly repricing but in case shall the rate be lower than 9% per annum. Its repayment is equivalent to 20 equalquarterly amortizations to commence at the end of the 9th quarter from the initial drawdown date , the first quarter of 2006. There were two (2)drawdowns from the loan, one in 2006 and another in 2007. Starting April 2010, the interest rate of this loan was reduced to 8% per annum uponthe request of LWUA.Schedule below shows the year and corresponding amounts of availment and repaymentsDate Availment Repayment Balance2006 P220,000,000 P220,000,0002007 71,600,000 291,600,0002008 291,600,0002009 58,320,000* 233,280,0002010 58,320,000** 174,960,0002011 58,320,000 116,640,0002012 58,320,000 58,320,0002013 58,320,000 -* current portion for 2008 loans** current portion for 2009 loansTo summarize, the outstanding balances of the Term Loans are as follows:Outstanding Balances2009 20081st Tranche 100,000,0002nd Tranche 375,000,000 408,333,3333rd Tranche 233,280,000 291,600,000Total Loans Payable 608,280,000 799,933,333Less: Current Portion1st tranche - 100,000,0002nd tranche 33,333,334 33,333,3333rd tranche 58,320,000 58,320,00091,653,334 191,653,333Loans Payable Local,net of current portion 516,626,666 608,280,00017. DEFFERED CREDITSThis account consists of:2009 2008Interest earned but not collected 526,935,631 384,317,437Unearned income from well drilling contracts 169,966,980 7,329,779Deferred income from housing loans 18,044,139 13,990,591Unearned income from engineering study 708,702 4,199,396715,655,452 409,837,203The account Interest Earned but not collected pertains to uncollected past due interests of various water districts whose terms have beenmodified in accordance with the restructuring agreement.40 Local Water Utilities Administration