Maynilad inks P10B loan deal with Metrobank
West Zone concessionaire Maynilad Water Services Inc. has signed a loan deal with the Metropolitan Bank and Trust Company to bankroll its capital requirements for this year.
In a statement, Maynilad said it tapped Metrobank for a P10 billion loan to boost its financial muscle in funding its water service improvement projects for 2024.
The loan facility will mature in 10 years or 2034, the water concessionaire said.
The additional funding will be utilized to finance Maynilad’s capital expenditures for water management optimization, service quality enhancements, and building a more sustainable and resilient water utility sector initiatives this year.
In particular, the water distributor said the loan will be used to 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 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 concessionaire of the Metropolitan Waterworks and Sewerage System for the West Zone of the Greater Manila Area —which covers 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. —Ted Cordero/ VAL, GMA Integrated News
This article Maynilad inks P10B loan deal with Metrobank was originally published in GMA News Online.
- https://www.msn.com/en-ph/money/economy/maynilad-inks-p10b-loan-deal-with-metrobank/ar-BB1n1wEN?ocid=00000000
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