MCWD allays fears on financial woes

CEBU CITY, Philippines – The Metropolitan Cebu Water District (MCWD) denied facing financial challenges as it grapples with threats of an organizational shakeup.

In a press release, MCWD reported that its assets in 2022 amounted to a total of P5.2 billion.

Of these figures, P1.2 billion happened to be cash and cash dividends, said lawyer Jose “Joey” Daluz III, MCWD chairperson.

“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,” Daluz said. 

The MCWD executive also pointed out that their debt-to-equity ratio, which is one of the measures used to determine a company’s financial leverage, stood at 30-70. 

“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 made the statement following reports alleging that the utility firm’s financial health is deteriorating, which resurfaced after the Cebu City Government named Engr. Mike Pato as the new chairperson, and ultimately to replace Daluz.

READ: Cebu City gov’t: Pato is new MCWD chairman

It can be recalled that the MCWD Employees Union, in the request they filed before the Office of the Ombudsman to probe Daluz, pointed out that the firm reportedly had not been doing well fiscally under his reign, prompting Daluz to make the recent pronouncements on MCWD’s financial standing.

However, Daluz admitted that several improvements must be made in MCWD’s financial strategies to streamline its revenue.

“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,” he said. 

/bmjo

READ MORE:

Daluz: I’ll still be chairman until MCWD BOD says otherwise