Project Tulip Initial Public Offering

About this project

The project proposes direct equity investment by the Asian Development Bank (ADB) in the initial public offering (IPO) of Project Tulip on the Philippine Stock Exchange (PSE). Gross proceeds of the IPO were expected to reach about $600 million, with 97% of proceeds allocated to capital expenditure and the remainder to general corporate purposes. The major uses of funding include (i) the construction of the 300 million liters per day Teresa water treatment plant, (ii) the construction of a 46-kilometer conveyance system for the New Centennial Water Source-Kaliwa Dam Project, and (iii) the rehabilitation of Common Purpose Facilities to improve raw water conveyance efficiency and reliability. Capital expenditures also include projects to increase sewer coverage by installing sewer lines, lift and pump stations, and interceptor systems; expand the treatment capacity of existing facilities; and support customer service and information systems, including investments in various technology intended to reduce costs, improve operational efficiency, and enhance service value. The project will also support a capital expenditure program to address acute physical climate risks and build system-wide resilience through water source diversification, network hardening, loss reduction, and treatment capacity upgrades.

Published by

Asian Development Bank · Multilateral

Countries

Philippines

Sectors

Basic drinking water supply

Places

Philippines

Implemented by

Maynilad Water Services Inc.

Accountable

Asian Development Bank

Published by Asian Development Bank to the International Aid Transparency Initiative (IATI), last updated 29 Sept 2026 and imported automatically. IATI identifier: XM-DAC-46004-59258-001-EI7918.

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