West Zone concessionaire Maynilad Water Services Inc. has tapped the Metropolitan Bank & Trust Co. for a P10 billion loan to bankroll its capital requirements and better to provide water service coverage and availability to consumers this year and beyond.
The company said the 10-year loan will fund its capital expenditure requirements as part of efforts optimizing water management, enhancing service quality and building a more sustainable and resilient water utility sector.
Loan proceeds will help improve its water service coverage, increase water sources, reduce non-revenue water, improve sewerage cover 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 Randolph Estrellado, Maynilad chief operating officer, in a statement.
Mylene Caparas, Metrobank institutional banking sector head, said the transaction is part of the goal to help communities grow.
Maynilad is the largest private water concessionaire in terms of customer base and serves the cities of Manila, Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon as well as Cavite, Bacoor and Imus, and the towns of Kawit, Noveleta and Rosario in Cavite Province.
