MVP sees 'historic' revenues, profit for Maynilad

MANILA, Philippines - Maynilad Water Services, Inc. (Maynilad) Chairman Manuel V. Pangilinan is projecting “historic” revenues and profit for the West Zone water utility concessionaire this year.

In a previous interview, Maynilad president and chief executive officer Ricky Vargas told The STAR that the water firm is projecting a net income this year of P6 billion compared to the P4.5-billion net income it posted in 2010.

Vargas had said that Maynilad is aiming to bring down further the level of its non-revenue water (NRW) to 48 percent to 46 percent.

Pangilinan recently addressed an audience composed of Iloilo business leaders and executives at the 1st Iloilo City Business Summit.

Pangilinan talked about “Revitalizing struggling businesses to succeed in today’s competitive market” by sharing his expertise in transformative management.

 “Whatever your starting point might be, it is important to begin with understanding how the local economy and the environment work, and with that understanding, craft a vision, then build actionable plans,” Pangilinan said.

Pangilinan also discussed how Metro Pacific Investments Corp. invests in specific businesses which offer significant returns to shareholders and improve the lives of people by focusing on Maynilad’s turnaround story.

“Maynilad was in a precarious situation when we took over in 2007. It was deep in debt, non-revenue water (NRW) was dismally high, and cash was tight. All this, after 10 years of operation,” said Pangilinan.

He continued, “We were able to turn the company around in its first year. Now, NRW is at its lowest, revenue and profit will be at historic highs this year.”

Maynilad, Pangilinan said, generated employment for over 100,000 workers because of its many service improvement projects.

The 1st Iloilo Summit brought together around 500 business leaders, academics, and economic development officers of local governments in Western Visayas to provide a venue for generating ideas on how to make Iloilo City a prime trade and investment destination.