By MB ONLINE
Business tycoon Manuel V. Pangilinan assured all employees of his companies that no jobs are at risk amid the the coronavirus disease 2019 (COVID-19).
MANNY V. PANGILINAN (MANILA BULLETIN FILE)
"A number of you have asked me if this scourge has put your jobs at risk. The answer is—No," Pangilinan said in a statement on Sunday.
"At the onset of the crisis, the Senior Management of each of our businesses met and agreed on plans to deal with the effects on each company. The paramount considerations are to fortify our balance sheets and protect our cash flows over an assumed life of the pandemic," added Pangilinan.
Considerations for cash are for salaries and benefits, for operating expenses, for procurement of protective devices and medical equipment for frontliners, and for assistance for government programs, Pangilinan said.
"Profit in this period has temporarily taken a back seat to cash—not that it is no longer important—our marching orders are in fact to preserve as much as we have originally budgeted," he added.
Pangilinan also assured that balance sheets are strong and cash flows, even under a prolonged period of the pandemic, are more than sufficient to carry them.
"You have steady hands on the tiller, and the ship itself is sturdy. So I assure all of you: our companies are safe, your jobs are safe, and you and your families are safe," Pangilinan said.
Companies under Pangilinan's Metro Pacific Investments Corporation (MPIC) include Manila Electric Co. (Meralco), Global Business Power Corporation, Metro Pacific Tollways Corporation, Maynilad Water Holding Company Inc., Metro Pacific Hospital Holdings Inc., Metro Pacific Light Rail Corporation, and MetroPac Logistics Company Inc.
"I hope that years from today, we can all look back at this experience and be proud of ourselves: for serving our customers who rely on us for our service; for serving our shareholders by keeping the businesses operating despite a difficult environment; for serving thousands of families, in and out of our companies, who depend on us for their future," said Pangilinan.