Businessman Manuel V. Pangilinan said his group, which includes some of the country’s largest telecommunications, utility and infrastructure companies, would weather the COVID-19 pandemic as it moved to preserve cash to save jobs and provide social assistance.
In his Easter message to employees, Pangilinan said the group had sufficient cash flow and leeway on its balance sheet to survive the crisis “even under a prolonged period.”
“You have steady hands on the tiller and the ship itself is sturdy,” said Pangilinan, who heads PLDT Inc., Philex Mining Corp. and Metro Pacific Investments Corp., which is into electricity, water distribution, toll roads and railways.
Pangilinan, who expected cases of the new coronavirus disease to peak by the end of April or early May this year, said preserving cash flow was essential during the crisis.
He said this would pay for salaries and benefits, keep business operations afloat while providing assistance to the government’s social amelioration program.
The group retains a minority stake in Metro Pacific Hospital Holdings Inc.—the country’s largest chain of private hospitals—and Pangilinan said the group continued to spend for equipment and protective personal gear for health care front-liners.“Profit in this period has temporarily taken a backseat to cash—not that it is no longer important. Our marching orders are, in fact, to preserve as much as we have originally budgeted,” Pangilinan said.
He said the jobs of employees would be safe even as the crisis unfolds. Business recovery would also be slow, he added, echoing concerns raised by ports and gaming tycoon Enrique Razon Jr. last week.
In the Philippines, that period could span weeks or even months after the peak, Pangilinan said.
“It will take time for us to overcome our fear of joining social gatherings or business meetings. It will take time for malls, hotels and restaurants to recover their trade. It will take time for our tollways and light rail to regain their previous traffic,” he said.
“It will take time for all of us—individuals and businesses—to rebuild and to heal,” he added. INQ