IFC Invests $100M in Maynilad IPO to Expand Water and Wastewater Access

Proceeds from the IPO will be used to fund Maynilad’s capital expenditure program, support wastewater service expansion, and strengthen the company’s long-term sustainability goals.

In a landmark move to strengthen the Philippines’ water infrastructure and deepen access to capital markets, the International Finance Corporation (IFC) has invested $100 million as a cornerstone investor in the initial public offering (IPO) of Maynilad Water Services, Inc. — the operator of the largest water concession in the Philippines and Southeast Asia. The investment is expected to accelerate Maynilad’s plans to expand water and wastewater services in the West Zone of Metro Manila, benefiting millions of residents.

Expanding Water and Sanitation Access Across Metro Manila

Proceeds from the IPO will be used to fund Maynilad’s capital expenditure program, support wastewater service expansion, and strengthen the company’s long-term sustainability goals. A key focus of the investment is to ensure 100 percent wastewater coverage by the end of 2026, a major milestone in improving public health, sanitation, and environmental management in the country’s capital region.

The company also aims to expand potable water supply, particularly in underserved communities, to help reduce waterborne diseases and enhance overall community well-being. With over 1.5 million service connections and a customer base of around 10 million people, Maynilad’s operations play a critical role in providing essential water services to the rapidly growing population of western Metro Manila.

“This marks the beginning of a new chapter for Maynilad,” said Ramoncito S. Fernandez, President and CEO of Maynilad. “This IPO enables us to pursue our long-term expansion plans for our water and wastewater businesses. The investments we have received signal confidence in our vision and our goal to strengthen our positioning as a pure-play sustainability company.”

Deepening Access to Capital Markets in Emerging Economies

The IFC investment is part of its broader strategy to enhance private sector participation in infrastructure financing and strengthen access to capital markets for utilities in emerging markets. Access to equity markets, in particular, allows companies like Maynilad to raise funding for expansion while reducing dependence on public financing.

By investing as a cornerstone investor, IFC sends a strong signal of confidence to both domestic and international investors, encouraging more private capital flows into critical infrastructure sectors. This move also supports the Philippines’ goal of deepening capital market development—a key objective under the Philippine Development Plan 2023–2028.

“IFC is pleased to join Maynilad’s IPO as a cornerstone investor, supporting the company’s goal of reaching full wastewater service coverage in the years ahead,” said Amena Arif, IFC Country Manager for the Philippines. “This investment reflects our focus on enhancing services for the Filipino population while also bolstering capital market activity in the country.”

Promoting Climate-Smart and Inclusive Water Management

Beyond financing, Maynilad will also join IFC’s Utilities for Climate (U4C) network, a global platform that connects utility providers to share innovations, tools, and best practices for climate-smart infrastructure. Through this initiative, Maynilad will gain access to IFC’s technical expertise in climate adaptation, energy efficiency, and green financing mechanisms.

IFC will provide advisory support and capacity building to help the company strengthen its environmental, social, and governance (ESG) frameworks. This includes:

• Aligning with IFC’s Performance Standards on sustainability and corporate governance.

• Developing a gender inclusion framework to encourage the participation of women across all levels of the organization.

• Enhancing stakeholder engagement and community consultation to ensure inclusive and transparent operations.

These measures are expected to position Maynilad as a regional leader in sustainable water management and corporate responsibility, setting new benchmarks for the sector.

A Stronger, More Sustainable Water Utility

Maynilad’s listing on the Philippine Stock Exchange (PSE) marks a significant milestone in the evolution of the country’s utility sector. Founded in 1997 following the privatization of the Metropolitan Waterworks and Sewerage System (MWSS), Maynilad holds the concession for the West Zone, which covers key areas including Manila, Pasay, Parañaque, Muntinlupa, Las Piñas, and parts of Cavite.

The company has invested heavily in modernizing infrastructure, including the construction of water treatment plants, reservoirs, and sewerage systems. Its ongoing projects are designed to increase water efficiency, reduce leakage, and improve wastewater collection and treatment capacity.

Maynilad’s IPO also fulfills a key legislative franchise requirement, reflecting its commitment to transparent governance and long-term sustainability. The public offering is expected to attract both institutional and retail investors, further diversifying its shareholder base.

IFC’s Broader Role in the Philippines

IFC, a member of the World Bank Group, has been a long-standing partner in the Philippines’ private sector development. Its investments span key sectors such as renewable energy, infrastructure, financial inclusion, and digital transformation.

In the water sector, IFC has provided advisory and financing support to utilities across Asia to promote efficient, climate-resilient infrastructure. The Maynilad investment aligns with IFC’s Green, Resilient, and Inclusive Development (GRID) strategy, which seeks to scale sustainable infrastructure in developing economies.

Looking Ahead: Investing in Sustainable Water Futures

The partnership between IFC and Maynilad demonstrates the growing momentum toward sustainable urban infrastructure in Southeast Asia. With rapid urbanization and increasing climate pressures, cities like Metro Manila face mounting challenges in securing clean water and sanitation for all.

By mobilizing private capital, promoting innovation, and embedding sustainability into corporate practices, the IFC–Maynilad collaboration offers a blueprint for how public and private partnerships can advance water security, public health, and climate resilience in developing nations.

As Maynilad embarks on its post-IPO expansion, its leadership and international partners are united around a shared goal: delivering safe, affordable, and sustainable water services to every household and community in the West Zone—and setting a new standard for water utilities across the region.