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Brothers Fernando (left) and Jaime Augusto Zobel de Ayala lead the seventh generation of Zobels.
Brothers Zobel and Manuel V. Pangilinan, some of the big business magnates who had faced a difficult regulatory environment under Pres. Rodrigo Duterte, accepted the olive branch extended by the CEO of the land.
Both groups also promised to work with the government to help the country recover from the challenges stemming from the COVID-19 pandemic, which puts the domestic economy at risk of recession for the first time since 1998.
“We are grateful for President Duterte’s statement at the briefing last night. We have always believed in building a strong partnership between the public and private sectors to address our country’s problems and invest in the country to create jobs and improve the Filipino life, “said Jaime Augusto Zobel de Ayala and Fernando Zobel de Ayala, the best honchos from the country’s oldest business house, Ayala Corp.
“We appreciate the recognition of the Ayala Group’s efforts to support the administration as it faces the challenges posed by the COVID-19 pandemic,” the Zobel brothers said in a press release on Tuesday.
The group’s water and property businesses have faced a number of challenges before the COVID-19 crisis. The Zobels recently agreed to give up Ayala’s majority voting rights at Manila Water Co. in favor of another tycoon, Enrique Razon Jr.
“We are committed to helping the President meet the many challenges he has to face and we are confident that by working together, our country can overcome each challenge, save lives and gradually return the country to a path of growth,” said Zobels. .
Pangilinan, head of the First Pacific group that controls telecommunications giant PLDT and infrastructure holding company Metro Pacific Investments Corp., also welcomed Pres. Duterte’s latest pronouncements.
Manuel V. Pangilinan
“I would like to thank the President for his comments tonight, especially for his sincerity and kindness,” Pangilinan tweeted Monday night.
“I want to assure you that our group is fully committed to being a partner with the government to address the heartbreaking moments of COVID-19 in our people, to build a better tomorrow for them. We are and have always been here for the country. “
Like Manila Water, Maynilad Water Services, led by Metro Pacific, was criticized for interrupting supply in Metro Manila. The 15-year extension of their concession contracts beyond 2022 was previously canceled.
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