Home Economy Maynilad spending P24B on service improvement

Maynilad spending P24B on service improvement

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Maynilad Water Services, Inc. on Wednesday said it is spending more than P24 billion this year for the improvement and expansion of its water and wastewater services.

“For this year alone, Maynilad is spending more than P24 billion to improve and expand its water and wastewater services, which is a capital outlay increase of around 71% compared to last year’s P14-billion spending,” Maynilad said in a media release.

Some of the amount was used towards enhancing the company’s sewerage and sanitation drive while P8.5 billion was used for the upgrade and construction of key facilities to improve water service levels. Nearly P3.2 billion was spent on the company’s aggressive non-revenue water reduction program.

For the period covering the years 2007 to 2023, the company said it had spent more than P240 billion on service enhancement projects.

Among the projects implemented during the period were the laying of pipelines, rehabilitation of facilities, installation of valves and devices, and construction of additional facilities.

According to Maynilad, the implementation of capital expenditure over the entire period has generated about 445,000 jobs, which include those generated by its contractors and suppliers.

“Our infrastructure enhancements have resulted in significant, tangible results where formerly waterless communities now enjoy piped-in water supply,” Maynilad President and Chief Executive Officer Ramoncito S. Fernandez.

“Maynilad is committed to continue improving its service delivery and also help to stimulate the economy by generating jobs for more people,” he added.

Maynilad is seeking the extension of its concession agreement with the Metropolitan Waterworks and Sewerage System from July 31, 2037 to Jan. 21, 2047. It is targeting to spend P85 billion for capital expenditure projects over the 10-year period.

The company serves Manila, except portions of 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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