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Maynilad secures P10-billion loan for improved service quality

Business

Maynilad secures P10-billion loan for improved service quality

By Chino S. Leyco

West Zone concessionaire Maynilad Water Services, Inc. (Maynilad) has secured a loan from Metropolitan Bank & Trust Co. (Metrobank) to support its capital needs for the year.

In a statement on Thursday, May 23, Maynilad said the P10 billion from Metrobank will help fund projects aimed at enhancing water service coverage and availability for consumers.

Maynilad is currently making ongoing efforts to optimize water management and service quality, as well as to bolster the sustainability and resilience of the water utility sector.

The funds from the 10-year loan will be used to expand water service coverage, increase water sources, reduce non-revenue water, enhance sewerage coverage and treatment facilities, upgrade water treatment plants and facilities, and improve overall 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,” Maynilad Chief Operating Officer Randolph T. Estrellado said.

“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,” Metrobank Institutional Banking Sector Head Mylene Caparas said.

Maynilad is the largest private water concessionaire in the country in terms of customer base, holding the concession for the West Zone of the greater Manila area.

Related Tags

Metropolitan Bank & Trust Company (Metrobank) Maynilad Water Services Inc.

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