By Ruth Abbey Gita-Carlos | Philippine News Agency
President Ferdinand R. Marcos Jr. on Friday expressed optimism that the official listing of the Maynilad Water Services on the Philippine Stock Exchange (PSE) would draw more investments into the local market.
Marcos Jr. led the bell-ringing ceremony at the PSE Events Hall in Taguig City, signaling the start of Maynilad’s trading at the PSE.
The Initial Public Offering (IPO) allows Maynilad to open itself to scrutiny and accountability, he said, adding that the move would help expand capital markets.
“We mark today a milestone for our country’s water sector, our stock market, and for our economy. The listing of Maynilad Water Services on the Philippine Stock Exchange is a sign of confidence in our markets and in our people,” Pres. Marcos Jr.said.
“This listing invites more investors and voices into the journey of managing a precious resource. This also sends a message that transparency is a standard that all our institutions must abide by.”
Maynilad’s public listing enables the water concessionaire to offer or sell shares to the public. The first time securities are made available for sale to the public is called an IPO.
Marcos Jr. said Maynilad’s public listing is a testament that the Philippines is “open, ready, and eager to do business.”
He said Maynilad’s sustainability programs, including a climate-resilient water system, investments in renewable energy and waste management, and watershed protection, align with his administration’s agenda to build an economy that is “adaptive and guided by sound governance.”
“Be assured the government is always in support of your initiatives, especially now that you have entered this new phase in your service,” he said.
“As we face the many challenges ahead, from climate change to the rebuilding of public trust, may this day remind us that reform is built on work done with honesty.”
Maynilad, one of the country’s leading water providers, launched its IPO to support infrastructure development and service expansion.
The offering represents the second-largest IPO and one of the PSE’s most anticipated listings, marking a significant milestone for the utilities sector.
