The Zobel brothers and Manuel V. Pangilinan, some of the big business tycoons who had faced a tough regulatory environment under Pres. Rodrigo Duterte, accepted the olive branch extended by the CEO of the land. | philbizwatcher
The group’s water and property businesses have faced a number of challenges prior to the COVID-19 crisis. Recently, the Zobels agreed to give up Ayala’s majority voting rights in Manila Water Co. in favor of another tycoon, Enrique Razon Jr.
“We are committed to help the President tackle the many challenges he has to deal with and are confident that by working together, our country can overcome each challenge, save lives and gradually put the country back on a path of growth,” the Zobels said. Pangilinan, head of the First Pacific group that controls telecom giant PLDT and infrastructure holding firm Metro Pacific Investments Corp., also welcomed Pres. Duterte’s latest pronouncements.“I would like to thank the President for his remarks tonight, most especially for his sincerity and kindness,” Pangilinan tweeted on Monday night.
“I wish to assure him that our group is fully committed to being a partner of government in addressing the heartbreaking moments of COVID-19 on our people, in building a better tomorrow for them. We are, and have, always been here, for the country.” Like Manila Water, Metro Pacific-led Maynilad Water Services was pilloried for supply disruption in Metro Manila. The 15-year extension of their concession contracts beyond 2022 was earlier nullified.
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