The Aboitiz Group, one of the country’s largest conglomerates, is laying off employees as COVID-19 hurt its businesses and forced a change in strategy.
The company announced a “rationalization of its workforce” by July 31.
It said, “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.” Employees “will receive a substantial separation package to support them through this transition.”
The Aboitiz Group owns some of the country’s largest companies, such as Aboitiz Power and Union Bank of the Philippines. Other major subsidiaries include Pilmico Foods, Aboitiz Land and Aboitiz InfraCapital.
For some of those segments, the pandemic has prompted the group to shift its business strategy. Cuts in infrastructure, for example, could have implications for the company’s proposed projects in airports and shared cell towers.