Manny Pangilinan to workers: No jobs at risk as profit takes backseat

Manuel V. Pangilinan, who heads several businesses in the country, over the weekend assured employees of these companies that no jobs are at risk due to the coronavirus disease 2019 (COVID-19).

"A number of you have asked me if this scourge has put your jobs at risk. the answer is—No," the businessman said in a statement released Sunday.

Pangilinan heads Metro Pacific Investment Corporation (MPIC) which counts as subsidiaries 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.

He also leads PLDT Inc., and Philex Mining Corporation, among others.

"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," said Pangilinan.

"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.

According to 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.

"I am pleased to tell you that our balance sheets are strong and cash flows even under a prolonged period of the pandemic are more than sufficient to carry us through," he said.

"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," added Pangilinan.

The government has already extended the enhanced community quarantine (ECQ) placed over Luzon to April 30. It was originally scheduled to end on April 13 after it was implemented on March 17.

"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. — Jon Viktor D. Cabuenas/BM, GMA News