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Monday, June 24, 2024

Maynilad signs P10-b loan deal with Metrobank

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West zone concessionaire Maynilad Water Services Inc. said Thursday it secured a P10-billion loan from Metropolitan Bank & Trust Co. (Metrobank) to fund its 2024 capital expenditures.

“With this loan, we are in a better position to pursue our capital expenditure program that will further enhance water services for our over 10.3 million customers. This supports our commitment to meet our service obligations and achieve sustainable growth,” said Maynilad chief operating officer Randolph Estrellado.

Maynilad said it remains committed to optimizing water management, enhancing service quality and building a more resilient water sector in the Philippines. The loan proceeds will be strategically allocated to various initiatives to improve water services for its over 10.3 million customers.

The loan, maturing in 10 years, will be used to expand water service coverage to reach unserved areas. Maynilad also plans to secure new water sources to meet growing demand and reduce reliance on existing resources.

A significant portion of the loan will also tackle non-revenue water, water lost through leaks or unauthorized connections. This will ensure a more efficient water distribution system.

The loan will also fund upgrades to Maynilad’s sewage treatment facilities, ensuring proper wastewater management. Modernization of water treatment plants is another key focus area, aiming to improve water quality and overall availability.

Metrobank reaffirmed its commitment to empowering communities by supporting essential resource providers like Maynilad.

“Enabling our partners to empower Filipinos with essential resources is in line with our goal of helping communities grow. We are happy to support Maynilad through this loan deal because it is part of our commitment to ensure that every community in the country thrives,” said Metrobank institutional banking sector head Mylene Caparas.


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