This
Filipino-Spanish billionaire is not like being cussed in public, most
especially if the other person is the President of the Republic of the
Philippines.
That
is why one of the richest man in the country did not think twice in bowing down
to appease President Rodrigo Roa Duterte, in his letter to the President last
December, Fernando Zobel de Ayala stated twice that the Ayala-owned Manila Water
Co.’s demand for P3.4 billion compensation for its losses from the government’s
move to block water rate hikes would no longer be pursued as against the government.
“We
will not collect the P7.39 billion arbotral award…We will work closely with the
proper government agency to make sure that the P7.39 billion arbitral award
will not have to be paid by the government directly or through customers,”
wrote Zobel.
 |
| Fernando Zobel de Ayala (photo credit to owner) |
“We
fully share your mandate to put the interest of the people as the primary
objective,” he added.
Aside from the compensation awarded by
a Permanent Court of Arbitration based in Singapore, Zobel said Manila Water
would immediately start negotiations to “identify provision that are considered
illegal, onerous or disadvantageous to the government in our water concession
agreement.”
Zobel also agreed to defer the water
rate hike approved by the Metropolitan Waterworks and Sewerage System(MWSS).
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Report from Bilyonaryo
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