Manila Water was among 10 publicly listed firms, of which eight are from the Ayala group, named as Top Performing Companies under the ASEAN Corporate Governance Scorecard in 2017.

Aside from Manila Water, three other Ayala companies ranked high including Ayala Corporation, Ayala Land, Inc., and Globe Telecom Inc., which all scored 100 points or above out of the possible maximum score of 130 points. 

Manila Water also ranked in the Top Five of the Industrial sector, as did other Ayala companies in their respective categories, namely Bank of the Philippine Islands (Financial); Ayala Corporation (Holding Firms); Ayala Land, Cebu Holdings Inc. and Cebu Property Ventures and Development Corporation (Property); and Globe (Services).

Other companies included in the top 10 are Aboitiz Equity Ventures Inc., Aboitiz Power Corporation, China Banking Corporation, Philex Mining Corporation, SM Investments Corporation and SM Prime Holdings Inc.

The ASEAN Corporate Governance Scorecard was developed in 2011 by the ASEAN Capital Markets Forum, in collaboration with the Asian Development Bank. Companies are assessed on the rights of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and transparency, and responsibilities of the Board.

The Securities and Exchange Commission (SEC) appointed the Institute of Corporate Directors as domestic ranking body. ICD facilitated the assessment of 245 publicly listed Philippines companies. Of these, only 42 companies scored at least 80 points.