Manila Water appoints new CFO

MANILA, Philippines — Manila Water Co. Inc. has appointed Gigi Iluminada Miguel as its new chief finance officer.

In a disclosure to the Philippine Stock Exchange yesterday, Manila Water said Miguel would assume her position as CFO starting Oct. 1.

Miguel will also serve as treasurer, chief risk office and group director of the company.

She will be replacing Ma. Cecilia Cruzabra who resigned due to personal reasons.

Miguel previously served as the VP and treasurer of tycoon Enrique Razon’s International Container Terminal Services Inc. (ICTSI).

On Wednesday, ICTSI disclosed to the PSE that Miguel resigned from her post.

Based on her LinkedIn account, Miguel has a Master’s degree in Business Administration from the Ateneo de Manila University. She also graduated from the University of the Philippines with a Bachelor of Science degree in Applied Mathematics, Actuarial Science.

Manila Water recently elected J.V. Emmanuel De Dios as its president and CEO in line with the firm’s senior management reorganization efforts.

De Dios was also elected as director and a member of the executive, as well as the talent and remuneration committees following the resignation of Christian Martin Gonzalez.

The Razon group officially took over Manila Water in June after acquiring a controlling stake from the Ayala Group in 2020.

As a result, Fernando Zobel stepped down as chairman but remains as director of the board, while his elder brother Jaime Augusto Zobel de Ayala fully exited the company as vice chairman and director.

In February 2020, Razon’s Prime Metroline Holdings Inc., now known as Prime Strategic Holdings Inc., signed an agreement with Manila Water to subscribe to 820 million common shares at a price of P13 per share.

Through the agreement, the Ayala Group granted proxy rights to Razon, allowing him to acquire a 51 percent voting interest in Manila Water.

Manila Water serves the east zone, which encompasses parts of Makati, Mandaluyong, Pasig, Pateros, San Juan, Taguig, Marikina, most parts of Quezon City, portions of Manila as well as several towns in Rizal.