Manila, Philippines – The UK Government’s MOBILIST programme has invested $10 million (PHP 586 million) in the initial public offering (IPO) of Maynilad Water Services on the Philippine Stock Exchange (PSE). MOBILIST was a cornerstone investor in the IPO, which is one of the biggest in the PSE’s history.
Maynilad serves over 9 million people in the West Zone of Metro Manila, providing sustainable water and wastewater services. The capital from the IPO will be used to upgrade and expand the city’s water infrastructure, including smart sensor networks that will help identify the precise locations of maintenance needs for more effective water supply management.
MOBILIST joins other key investors, including the International Finance Corporation (IFC), the Asian Development Bank (ADB), and international private sector partners. The investment shows that large-scale infrastructure companies in the Philippines can successfully raise capital through public markets, enabling funding for sectors like water infrastructure, renewable energy, and sustainable development.
This is MOBILIST’s second investment in the Philippines, following its support for Citicore Renewable Energy Corporation’s IPO in 2024.
British Ambassador to the Philippines Sarah Hulton OBE said,
I am proud that the Philippines is the first country in the world where MOBILIST has invested in two listings. With this investment, the UK is not just financing one water utility. Through MOBILIST, we are creating a template for innovative development finance, demonstrating how public markets can unlock investment in critical infrastructure, sustainable development and climate adaptation.
MOBILIST has maintained a strong partnership with the Philippines, working with the PSE since 2023, to support the development of the country’s capital market and the use of listed products to mobilise private capital toward sustainable development and climate transition.
As the Philippines tops the World Risk Index for the third consecutive year, the UK is partnering with the Philippines to mitigate the impact of climate change. This includes initiatives on climate adaptation and sustainability across multiple sectors, including renewable energy and the blue economy.
The UK and the Philippine Government are also partnering on the ‘EMDE Public Markets Coalition’ launched at the UN’s Fourth Financing for Development Conference (FFD4) in Seville in July this year. The Coalition, including the Government of Norway, the African Development Bank and others, will develop a Toolkit for Multilateral Development Banks, Development Finance Institutions, and investors to facilitate greater investment in emerging markets and developing economies (EMDEs) through public markets, with the aim of unlocking development finance at scale.
About MOBILIST
A flagship UK Government programme supported by the Governments of Norway and Switzerland, MOBILIST champions investment solutions that help deliver the climate transition and the United Nations’ Global Goals in developing economies. MOBILIST focuses on mobilising institutional capital to spur new, scalable, and replicable financial products. MOBILIST invests capital, delivers technical assistance, conducts research and builds partnerships to catalyse investment in new listed products.
