Manila Water aims to double down on growth strategy
MANILA -After reporting a record high capital expenditure (capex) in 2022, listed Manila Water Co. Inc. is expecting steady growth this year supported by various projects aimed at facing economic challenges head-on.
Manila Water president and chief executive Jose Victor Emmanuel De Dios said last year’s capex was P20.6 billion, an improvement from the previous year by some P7 billion.
“This just stresses and punctuates the commitment of our company to try and deliver services across the board, both in terms of water supply projects, wastewater projects, as well as improving the delivery of these services to our customers,” De Dios said during the company’s annual stockholders’ meeting last week.
Manila Water earlier earmarked about P181 billion for a five-year spending program, with more projects expected to come on stream up to 2027.
Among the company’s priorities this year is the Calawis Water Supply System, which targets to have a total capacity of 80 million liters per day (MLD) once completed.
It is also set to finish the first phase of the 50-MLD East Bay project this year.
According to De Dios, both will help mitigate the impact of the looming El Niño phenomenon that is expected to hit the country in the latter part of this year.
“To be well-positioned to serve the public even amid the economic challenges, we want to ensure that our capital spending meets both our water supply and sewerage service obligations,” De Dios said.
The company reported a P5.9-billion net income in 2022, an increase from P3.7 billion the previous year.