Home Top News Maynilad borrows P10 billion from Metrobank for capex

Maynilad borrows P10 billion from Metrobank for capex

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MAYNILAD Water Services, Inc. announced on Thursday a P10-billion loan from Metropolitan Bank & Trust Co. to fulfill its capital expenditure needs for 2024.

“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,”  Maynilad Chief Operating Officer Randolph T. Estrellado said in a statement.

The proceeds will be used to help improve the company’s water service coverage, increase water sources, reduce nonrevenue water, improve sewerage coverage and treatment facilities, upgrade water treatment plants and facilities, and improve water availability, Maynilad said.

Maynilad previously said that it would investing more than P31 billion this year for its water and wastewater projects.

Maynilad serves the cities of Manila, except San Andres and Sta. Ana. It also operates in Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon. It also supplies the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario, all in Cavite province.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

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