Filipino firm wins Global Award

Manila Water Company, the leading private water service company in the Philippines, received IFC's Client Leadership Award, the first Philippine company to receive this global award.

"IFC has been a valuable partner in helping us prove that business objectives and sustainability initiatives are perfectly aligned, which is the core of our business strategy. We are honored to receive this award and proud of our long-standing partnership with IFC. We hope to continue this valuable relationship with IFC as we continue to grow our business," said Manila Water President Antonino Aquino.

The Client Leadership Award aims to recognize a highly successful corporate client that, in line with IFC's mission, has demonstrated management commitment to environmental and social sustainability and corporate governance while achieving commercial success. It is given annually after a rigorous selection process among IFC's clients globally.

Announcing the award, IFC Executive Vice President and CEO Lars Thunell, said, "Manila Water's innovative programs to bring water to poor people and its success in supplying the city's eastern zone are just some of the ways that the company embodies IFC's ideals in social sustainability and corporate governance."

In 1997, Manila Water Company won a 25-year concession contract to service the East Zone of Metro Manila. At that time, only 26 percent of the 5 million population in the East Zone had 24-hour access to clean, reliable and affordable piped-in water.

In a little over a decade after taking over the concession, Manila Water has increased its customer base from only 3 million in 1997, to more than 5 million customers, 98 per cent of whom enjoy 24-hour water supply. It has brought down its system losses (losses due to leaks and illegal connections) to 25 percent from 63 percent initially.

Manila Water continues to meet business objectives and has also shown a significant improvement in financial performance in the past six years. In 2005, it raised a total of US0 million from its initial public offering, which was largely used to invest in water and wastewater infrastructure services. In less than 3 years since its IPO, it has grown from a small-cap company, with a market cap of less than US0 million, to an US0 million company. Since 2003, IFC has provided Manila Water with a total of US million in loan facilities, and US million in pre-IPO equity infusion.

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Source: Good News Pilipinas