West Zone concessionaire Maynilad Water Services, Inc. (Maynilad) has tapped Metropolitan Bank & Trust Co. (Metrobank) for a PHP10-billion loan to bankroll its capital requirements this year as it aims to provide better water service coverage and availability to consumers.
As part of its ongoing commitment to optimize water management, enhance service quality, and contribute to build a more sustainable and resilient water utility sector, Maynilad said the 10-year loan, maturing in 2034, will be used to fund its capital expenditure requirements this year.
Specifically, proceeds will be utilized to help improve its water service coverage, increase water sources, reduce non-revenue water, improve sewerage coverage and treatment facilities, upgrade water treatment plants and facilities, and improve water availability.
“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 T. Estrellado.
“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.
Maynilad is the largest private water concessionaire in the Philippines in terms of customer base. It is the concessionaire of the MWSS for the West Zone of the Greater Manila Area, which is composed of the cities of Manila (all but portions of San Andres & Sta. Ana), Quezon City (west of San Juan River, West Avenue, EDSA, Congressional, Mindanao Avenue, the northern part starting from the Districts of the Holy Spirit & Batasan Hills), Makati (west of South Super Highway), Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon all in Metro Manila; the cities of Cavite, Bacoor and Imus, and the towns of Kawit, Noveleta and Rosario, all in Cavite Province.