Metro Pacific Investment Corp., controlled by the Salim Group of Indonesia and Manuel V. Pangilinan, declared that its utility firm, Maynilad Water Services Inc., has no plans of going back on its declaration not to collect the P6.7 billion compensation from the government.
An executive of MPIC was forced to explain a Bilyonaryo.com report which cited the firm’s declaration that the waiver was made “under duress” in a congressional hearing after the company and Pangilinan were publicly insulted and threatened with revocation of their concession last December.
In a letter to the Philippine Stock Exchange, the MPIC executive said: “We wish to clarify that the aforesaid statement in MPIC’s Annual Report merely referred to the timing of the issuance of the waiver.
The allegation that Maynilad intends to renege on its waiver is baseless as in fact the waiver was unanimously ratified on March 2, 2020 by the Maynilad Board of Directors. It is noteworthy that the Board of Directors’ approval was obtained after consultation with the three major shareholders of Maynilad namely, MPIC, DMCI and Marubeni.”