Even one of the country’s largest conglomerates is not spared from the economic fallout brought about by the COVID-19 pandemic as it was forced to lay off workers.
The Aboitiz Group, in a statement, said it reached the decision following a review of its operations in light of the present challenges arising from the health crisis situation.
“Part of the review is the rationalization of its workforce, where, regrettably, several team members will be affected by their service ending on July 31, 2020,” the company said.
While Aboitiz Group did not disclose the number of workers affected, it said “they will receive a substantial separation package to support them through this transition.”
“This was not an easy decision for the Aboitiz Group to make but one that had to be done as it has not been spared by the health and economic crisis,” the company said.
Aboitiz Group noted that while it is still not clear on how long the COVID-19 pandemic will last, the company shares everybody’s hope that a vaccine will be developed soon.
“The Aboitiz Group is confident the Philippines can weather this crisis and the country will continue with its economic growth,” it said.
“The Aboitiz Group remains committed to being an active player in the Philippine economy through its power, food, banking, infrastructure, land, and construction business units,” it added.
The Aboitiz Group owns and operates major firms Aboitiz Power Corp., Aboitiz Land, Aboitiz Infracapital, Pilmico Foods Corp., and Union Bank of the Philippines. The conglomerate holds its assets under holding firm Aboitiz Equity Ventures Inc. —Ted Cordero/KBK, GMA News