MANILA, June 24 (Xinhua) -- The Aboitiz Group, one of the Philippines' largest conglomerates, said on Wednesday that it is cutting the workforce to cope with the COVID-19 pandemic fallout.
The company did not say how many of its employees will be cut. However, it said that the affected employees will receive "a substantial separation package to support them through this transition."
The company said it has conducted a review of its operations amid the challenges posed by the COVID-19 crisis.
"Part of the review (of operations) 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 in a statement.
It added, "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."
Core assets of the Aboitiz Group are held under Aboitiz Equity Ventures Inc. based in Cebu City. It owns some of the country's largest companies, such as Aboitiz Power Corp., a major energy producer and distributor, and Union Bank of the Philippines.
The Philippines in mid-March imposed a lockdown to stem the spread of the virus, The lockdown resulted in the temporary closure of many establishments at home and abroad, displacing a huge number of Filipino workers.
The country's Labor Secretary Silvestre Bello earlier said that up to 10 million Filipinos could lose their jobs in the country due to the COVID-19 pandemic.
Already, he said some 2.6 million workers in the Philippines have been displaced due to the quarantine measures. Enditem