Almendras recalled to MWC after president-CEO resigns
Jose Rene Almendras, who once served as the country's energy and foreign affairs secretary during the Aquino administration, is returning to Ayala-led Manila Water Company, Inc. (MWC), on September 1 following the unexpected resignation of its president and chief executive officer Ferdinand dela Cruz effective the end of this month.
Almendras was MWC president and chief operating officer when he was tapped by President Aquino to become energy secretary in 2010.
He is currently president-CEO of AC Infrastructure Corp., the infrastructure arm of the Ayala Group.
Just when things couldn't get any more messy for MWC, De la Cruz, who became MWC president-CEO since 2017 decided to resign and simultaneously cut his ties with the Ayala Group after about 17 years of serving the conglomerate.
In a filing with the Philippine Stock Exchange (PSE) yesterday, MWC disclosed that Ferdinand dela Cruz has tendered his resignation as "Director, President, Chief Executive Officer, and Chief Sustainability Officer of the Company as well as a member of the company's Executive Committee."
The company’s board of directors immediately accepted the resignation and elected Almendras to replace De la Cruz.
"It was during his time [as Manila Water president] when the company achieved 100 percent customer satisfaction rating. He was instrumental for the expansion and growth of the Company beyond the East Zone," the company told the stock exchange.
In a text message to reporters, Dela Cruz confirmed his resignation, saying he also "opted to retire from Ayala Corporation" and that his resignation should be effective August 31.
Hes served as the president-CEO of MWC since April 17, 2017. Prior to this, he was the chief operating officer of MWC, president of Manila Water Total Solutions Corporation, and President of the Manila Water Foundation.
Dela Cruz said he has timed his resignation “now that Manila Water's services are relatively stable, a new water resources roadmap is in place and a demand management plan has been initiated. I will take a break first before charting my next journey," Dela Cruz further said.
MWC is currently having a tough year. Aside from the supply mess it experienced in March — which costs the company billions in fine and selfimposed penalty — the listed firm also had to deal with a Metro Manila-wide water crisis due to the declining water level in Angat Dam.
De la Cruz's resignation also came just as the east zone concession — together with Maynilad Water Services, Inc. and Metropolitan Waterworks and Sewerage System (MWSS) — is being ordered by the Supreme Court (SC) to pay the Philippine government nearly 12 billion for their alleged violation of the Philippine Clean Water Act.
Prior to his resignation, Dela Cruz said in one of his interviews that this is certainly the worst year for Manila Water. He also warned about a potential water crisis that could happen next summer if the government will fail to come up with new water sources.
Dela Cruz is the second highranking Manila Water official to quit in the span of five months, following the resignation of former Manila Water Chief Operating Officer Geodino V. Carpio.