MANILA, March 17 (Reuters) - Manila Water Company Inc.

MWC.PS , one of two major water concessionaires in the Philippines, said on Monday it had signed a memorandum of understanding with the Yangon City Development Committee in Myanmar for a proposed water project.

The project, which Manila Water will develop with partner Mitsubishi Corp 8058.T of Japan, involves reducing non-revenue water in Yangon City.

Shares of Manila Water, a unit of Philippine conglomerate Ayala Corporation AC.PS , were up 1.3 percent at noon break, outperforming the broader market .PSI which slid 0.13 percent.

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(Reporting by Rosemarie Francisco; Editing by Miral Fahmy)

((rosemarie.francisco@thomsonreuters.com)(+632 841-8937)(Reuters Messaging: rosemarie.francisco.reuters.com@reuters.net))

Keywords: PHILIPPINES MANILAWATER/