Rene Almendras to head Manila Water after president resigns

MANILA, Philippines — Manila Water Company Inc. announced Friday that Ferdinand dela Cruz resigned as president and CEO of the company for “personal” reasons.

In a disclosure to the stock exchange, the Ayala-led utility firm said Dela Cruz will be replaced by former Cabinet member Jose Rene Almendras.

Dela Cruz’s resignation will take effect August 31.

Dela Cruz had served as Manila Water’s president and CEO since March 30, 2009.

“It was during his time when the company achieved 100% customer satisfaction rating,” Manila Water said of Dela Cruz. “He was instrumental for the expansion and growth of the company beyond the east zone.”

In the same regulatory filing, Manila Water said Fernando Zobel de Ayala was elected as chairman of the company’s executive committee, which Almendras will vacate as he takes on his new role. Ayala will also replace Dela Cruz as member of the executive committee.

Manila Water likewise announced that Sherisa Nuesa was elected as member of the executive committee.

Almendras headed the Foreign Affairs and Energy departments and became the Cabinet secretary during the six-year term of former President Benigno Aquino III. 

In 2016, Almendras was appointed managing director and member of Ayala Corp.’s management committee. He had occupied the same position in Ayala before joining the government in end-June 2010, serving as the group’s managing director since 2007 and president of Manila Water since March 2009.

Dela Cruz’s resignation came more than three months after Geodino Carpio quit as Manila Water’s chief operating officer. The two former company executives dealt with a water supply shortage that hit Manila Water customers, affecting homes of about half of the Philippine capital's roughly 12 million people.

READ: Manila Water chief operating officer resigns

The government has admitted that it has long anticipated the increasing demand for water, but officials said delays in projects that would expand capacity prevented them from addressing the problem.