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From the corner office: A journey I never planned

hpciueff August 31, 2025
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Randy Estrellado
Randy Estrellado (Photo from LinkedIn)

I never thought I’d stay this long in Maynilad. After leading the team that bid for its reprivatization, I was assigned as chief financial officer (CFO) to help steer the company out of debt rehabilitation. I expected it to be a tour of duty—intense, maybe a few years, then on to the next.

But somehow, nearly 19 years later, it’s become the company I’ve served the longest, and the one where my corporate journey will come to a close when I retire this August.

Misconceptions and first impressions

In my wildest dreams, I never imagined ending up in a public utility. I didn’t even take up accounting in college because I thought being an accountant would be boring and repetitive. My two previous jobs were in telecommunications and entertainment—trendy, flashy, cutting-edge. What could be more basic than water?

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And honestly, when Maynilad changed hands in 2007, the physical environment reflected its difficult past. My office was the shabbiest I’d had in over a decade. The company was still carrying policies from its government days that gave me major culture shock. It felt like a step back. I didn’t look forward to the assignment.

READ: It’s final, Maynilad sets Oct. 30 listing

But from the beginning, I was immediately struck by how mistaken my assumptions were about the people I’d be working with. I had imagined that, coming from the old, bloated bureaucracy, many would be inefficient or stuck in their ways. I couldn’t have been more wrong. What I found instead were people who had been held back for too long by years of underinvestment and uncertainty—people just waiting for the chance to shine. All they needed was the stability and support that the new ownership could finally offer.

Building something bigger than myself

In those early months, it became clear that Maynilad wasn’t just about pipes and pumps and billing statements. It was about people—people with talent, grit and heart. People who could dream bigger for the company once they were given the tools to succeed. People who showed up every day to do work that was not glamorous, not always visible, but vital all the same.

Over the years, I had the privilege of watching Maynilad—and myself—grow. I saw teams achieve what once seemed impossible: restoring water service to communities that had long gone without, dramatically reducing our NRW (nonrevenue water), modernizing old facilities, strengthening our financial standing. Each success wasn’t just a corporate milestone; it was a collective victory built by thousands of individuals who chose to care.

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I also grew, not just as a professional but as a person. I learned to appreciate that real transformation doesn’t always come with fireworks. Sometimes it comes quietly—in slow, steady work, in small wins that build momentum, in the patience it takes to build something that lasts.

If you stay in a place long enough, it becomes part of you. And Maynilad, with all its quirks, challenges and victories, is now undeniably a part of me.

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I didn’t plan to stay as long as I did. At the start, the mission was clear: get the company out of court-administered debt rehabilitation. Then came the planning for the rate rebasing—delayed until the rehab exit—and eventually, the extension of the concession agreement from 2022 to 2037. Each milestone required crafting Maynilad’s long-term strategy while making sure the day-to-day didn’t fall apart.

Then came the challenges to the concession agreement itself, starting with the recoverability of income taxes. We endured two arbitration cases—one local and one in Singapore—and won both.

Turning points and new roles

But those wins were never implemented. Before long, we were forced to renegotiate and sign a revised concession agreement, and eventually apply for a congressional franchise. It was a test of our resilience and a reminder that even the strongest agreements can shift in the face of public pressure and political realities.

By then, 10 years had passed. (My partner) Keith and I had built a house in the South after years of condo living. I was ready for a quieter life. But then I was offered a new role at Maynilad—shifting from chief financial officer to chief operating officer (COO). It was definitely outside my comfort zone.

READ: After rants vs ‘oligarchs,’ Duterte signs laws granting water franchises

In 2016, I accepted the position of COO without fully understanding the scope of what I was stepping into. Thankfully, I was surrounded by a seasoned team of engineers who not only carried their own weight but took the time to educate me—patiently, thoroughly and without ego.

I remember being reassured that everything was already in place—that I’d simply be taking care of a well-oiled machine. Of course, that was before the water supply crisis of 2019, and the increasingly frequent disruptions brought on by climate change. Raw water quality and quantity became a growing concern, service levels were strained and political scrutiny intensified. What I thought would be a transition into steadiness turned out to be anything but.

Lessons in leadership

Those were truly challenging times—made even tougher by a global pandemic that stalled our projects and delayed long-overdue service improvements. More than once, I found myself wondering if a more seasoned COO with a stronger engineering background might have avoided some of the setbacks, or navigated the road with greater ease. Inside, I was ready to be replaced at any time. But outwardly, I knew my job was to keep a steady hand on the wheel.

Somehow, we made it through.

And we did it not through quick fixes or grand gestures, but by showing up each day and doing a thousand little things right. Bit by bit, we chipped away at the problems. And bit by bit, something else began to change too: the culture. Slowly, people started to look beyond their individual KPIs (key performance indicators). They saw that we couldn’t succeed alone. That real progress came only when we worked across divisions, aligned our efforts and moved together toward shared goals.

Gratitude where it’s due

I’ve always said that no one who works in a corporation can truly claim sole credit for any accomplishment—and that’s certainly true in my case. I was the CFO who wasn’t an accountant, and later the COO who wasn’t an engineer. Nothing I’ve achieved would have been possible without the people who surrounded me and lifted me up.

To the finance people I worked with during my first decade at Maynilad—my finance family—you made me look better than I am. Your diligence, your professionalism and your belief in me convinced the powers that be that I might just be COO material.

To my operations family, my deepest gratitude. You believed in the vision and patiently, persistently, made it real. From the very beginning, you welcomed me as one of your own—even when I was essentially starting from ground zero. You gave me the space to participate, to learn and eventually, to lead. I hope I earned your trust in return.

And finally, to my wider Maynilad family—not only those beyond operations but also our subsidiaries Philhydro and Maynilad Boac—thank you. Thank you for everything. I carry the Maynilad name with pride because I know what it represents: hundreds of men and women who work hard every day to make the world better for our customers, often without fanfare or recognition.

Representing and belonging

I know it’s still not common for someone like me—a gay man—to lead an organization like Maynilad. But you have always embraced me with open arms. I never once felt that you were embarrassed to be associated with me. On the contrary, I’ve felt your love, support and quiet pride. I will carry that with me, always, as I begin the next chapter of my life.



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Signing off

As I prepare to step away this August, I do so with a full heart. I leave behind not just a job, but a community that challenged me, shaped me and gave me far more than I ever expected. I’m not sure what the next chapter will look like yet, but I do know this: I leave proud of what we’ve built together, hopeful for what lies ahead for Maynilad, and forever grateful for the privilege of having been part of this journey with all of you. —CONTRIBUTED


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