Maynilad IPO (IFC-51415)

Countries
  • Philippines
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 22, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Maynilad Water Services, Inc.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Infrastructure
  • Water and Sanitation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Dec 30, 2025

Disclosed by Bank Nov 20, 2025

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the Project is an equity investment of up to US$100 million, in Philippine peso equivalent, in Maynilad Water Services, Inc. The investment is part of Maynilad's initial public offering (IPO) on the Main Board of the Philippine Stock Exchange. The IPO proceeds will be used for the Company's water and wastewater capital expenditure program for FY25-27.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The Project is assigned Category B under the IFC Sustainability Policy (2012). Key E&S risks include Maynilad’s ability to implement ESMS in line with IFC PSs; Occupational Health and Safety (OHS);management of hazardous chemicals (e.g. hypochlorite); labor and working conditions; community health and safety due to water quality, dust, odor, noise; solar supply chain risks (as Maynilad is developing its in-house solar capacity); and physical and economic displacement. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed project is an equity investment of US$100 million equivalent in Philippine peso (PHP) in Maynilad. The IPO will support Maynilad's capital expenditure program for water and wastewater services.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Maynilad is domiciled in the Philippines. The Company operates water and wastewater services in the West Zone, spanning across 11 cities of Metro Manila, three of which the Company partially covers, as well as three cities and three municipalities in Cavite Province.

The Company is 94.4% owned by Maynilad Water Holding Company, Inc (MWHCI). Through MWHCI, Maynilad is supported by Metro Pacific Investments Corporation (MPIC, 51.3% stake), DMCI Holdings Inc. (25.7% stake) and Marubeni Corporation through its subsidiary MCNK JV Corporation (20.3% stake). MPIC also directly owns 5.3% of the Company.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Maynilad Water Services, Inc. Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Maynilad Water Services, Inc.
Josine S. Reyes
Head, Investor Relations
+639985502767
josine.reyes@mayniladwater.com.ph
MWSS Compound, Katipunan Ave., Balara 1105 Quezon City, Philippines
www.mayniladwater.com.ph

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works