MANILA, Philippines — Zobels in charge of the Ayala Corp. and tycoon Manuel V. Pangilinan on Tuesday accepted President Rodrigo Duterte’s apology, settling a regulatory row as both sides focus on responding to the coronavirus outbreak.
Two months after calling for a “ceasefire”, Duterte on Monday night extended an olive branch to the tycoons he previously criticized in his speeches and opened the doors to negotiations. “I apologize for the hurtful words,” the president said.
The family of Jaime Augusto Zobel, who controls Ayala Corp., welcomed the president’s statement.
"We have always believed in building a strong partnership between the private and public sectors in addressing our country's problems and investing in the country to create jobs and improve the lives of FIlipinos," brothers Jaime Augusto and Fernando Zobel de Ayala said in a joint statement.
In a separate statement, Pangilinan thanked the president “for his sincerity and kindness” and assured him of “being a partner” of the government on responding to the coronavirus disease-2019 (COVID-19) outbreak.
After Duterte issued the apology, shares in Ayala Corp. surged 14.73% while Pangilinan-led Metro Pacific Investments Corp. climbed 13.55% on Tuesday.
Shortly after placing the entire Luzon under enhanced community quarantine to control the virus’ spread, Duterte in March first extended the olive branch to Pangilinan and the Zobels, businessmen he accused of bagging “onerous” water distribution deals from the government.
The tycoons responded to Duterte’s truce by unveiling billions of pesos in assistance packages for their employees including leave credits, full salaries and even a supply of vitamins. Beyond their companies, Pangilinan-led PLDT Inc. also offered bill payments reprieve to customers, while Ayala Corp. helped retrofit World Trade Center into a quarantine site. — Ian Nicolas Cigaral