The Aboitiz Group said it will cut its workforce starting July 31 amid the COVID-19 pandemic.

In a statement, Aboitiz Equity Ventures said several team members would end their service to the group by July 31.  

The company said the affected employees would receive a substantial separation package to support them through the transition. 

“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,” AEV said.

 “It is still not clear on how long the COVID-19 pandemic will last but we share everybody’s hope that a vaccine will be developed soon,” it added.