Maynilad went bankrupt in 2003 and services were returned to MWSSS in 2005. MWSS led the system for two years and proposed the concession to a local consortium in 2007. Since then, both concessions have developed well. Rates were set until 2003 and the councils had to pay a concession fee to MWSSS. Unfortunately, revenue assumptions and efficiency gains to be achieved in the short term were overly optimistic, which, combined with the Asian financial crisis that caused currency problems, led to both concessions with financial difficulties and an agreement of the regulatory authority of the status of a company operating under the conditions of a market economy. Manila Water was then able to meet its obligations and was extended for a further 15 years. Keywords: Contract, Contract, Water Distribution and Sanitation Concession Agreement – Maynilad Water Services, Inc. Maynilad Water Term Extension Agreement with Annexes.