Metro Manila (CNN Philippines, May 21) — San Miguel Corp. (SMC) will submit an unsolicited proposal to the government to build an entirely new water source, following a recent supply shortage that hit residents of Metro Manila.

"Magsa-submit ako ng unsolicited proposal within two weeks, a new water source of 3,800 million liters per day," SMC President and Chief Operating Officer Ramon Ang told reporters on Tuesday.

He refused to provide more details such as the location of the new facility.

Ang said the new water source will cost ₱35 billion, which will supply water to customers at roughly ₱5 per cubic meter.

He said this is different from SMC's untapped allocation from Angat dam. Construction will take five years and will be supported by private funding, Ang said.

SMC currently runs a bulk water treatment plant in Bulacan, which opened in January. The ₱24.41-billion facility is equipped to produce 200 million liters per day, which was built via a joint venture with Korea Water Resources Corp. It is a 30-year public-private partnership deal meant to supply water to the province north of Metro Manila.

Previously, San Miguel asked the Metropolitan Waterworks and Sewerage System to deliver 140 million liters of treated water to areas affected by the water shortage in March, which are customers of Ayala-led Manila Water Company, Inc.

The government will be building the ₱12.2-billion New Centennial Water Source-Kaliwa Dam project through Chinese funding for additional supply.

CNN Philippines Correspondent Rex Remitio contributed to this report.