MCWD ends 2022 in good condition

The Metropolitan Cebu Water District ended the year 2022 in a sound financial condition, contrary to the claim made by the former set of union officers that the corporate health of MCWD was deteriorating, with an income plunging by 62%.

MCWD Board of Directors Chairman Jose "Joey" Daluz III explained that the financial statements indicated a very strong year for MCWD in fiscal 2022.

"We maintained the strength of our total assets at P5.2 billion, which is approximately the same amount as the previous year, 2021. Out of the P5.2 billion total assets, the total current assets amount to P2 billion, including P1.2 billion in cash and cash equivalents," said Daluz.

He added that the debt-to-equity ratio stands at 30-70, demonstrating MCWD's leverage in funding its operations. The asset turnover for fiscal year 2022 is P0.35, indicating how efficiently MCWD has utilized its assets to generate sales.

"Compared to 2021, the current ratio has been maintained at 3.5 times for fiscal year 2022. This shows the strong capacity of MCWD to fulfill its financial obligations to our partner suppliers," added Daluz.

MCWD's interest coverage ratio for 2022 is 2.2 times, showcasing the water district's ability to service its loans.

However, Daluz admitted that improvements need to be made in terms of aligning budgeted amounts with actual figures and learning lessons from fiscal year 2022 to better plan for fiscal year 2023.

"The soundness of MCWD's financial condition is a result of the collective effort of the Board, the Management Team, and all staff and employees in achieving our corporate mission, vision, and goals," concluded Daluz.

It is worth mentioning that MCWD's financial standing was one of the issues raised by the employees' union in their letter addressed to Mayor Michael Rama dated September 2022.