A subsidiary of Manila Water Co. Inc. has signed an agreement to supply bulk water to Ilagan City in Isabela province, the Ayala-led utility said on Wednesday. In a disclosure, the listed firm said its unit Metro Ilagan Water Co. Inc. (MIWC) signed and executed a bulk water sales and purchase deal with the City of Ilagan Water District (CIWD). The contract will last for 23 years from the starting date of operations. MIWC is a joint venture between the CWID and Filipinas Water Holdings Corp. (FWHC), which, in turn, is a joint venture of Manila Water and Manila Water Philippine Ventures Inc. (MWPVI). Manila Water shares plunged by P1.04 or 10.90 percent to close at P8.50 each on Thursday.