PLDT Inc. remains unfazed over a threat of strike a from its unionized workers under the Manggagawa sa Komunikasyon ng Pilipinas (MKP).
Also, the prices of company’s shares listed at the Philippine Stock Exchange (PSE) remain at their highest levels over a 52-week period.
However, an actual strike by the union may leave subscribers of PLDT and its wireless unit Smart without connection to the internet, and these subscribers could run into the millions.
PLDT, headed by Manuel V. Pangilinan, got the threat of a strike after 83 percent of the 4,041 total members of the MKP voted on May 14 and 15 to undertake such an action, alleging that the telecom firm refuses to go the bargaining table.
MKP has been pressing PLDT since early this year for a start of collective bargaining agreement (CBA) talks, which the telecom firm said should start in September, or two months from the ending of its CBA with MKP.
PLDT People Group First Vice President JM Co also said that the company is not refusing to negotiate with the union.
“It is PLDT’s position that a strike conducted on this ground has no valid basis. This is supported by law and the parties’ rich bargaining history over the past 30 years,” he added.
“The time to sit down and start collective bargaining with MKP is in September 2024, not today,” Co said.
In a statement, PLDT also said that Under the Labor Code, the parties to a CBA are tasked to meet and negotiate the renewal or modification of the terms of the CBA at least 60 days prior to its expiry – the so-called freedom period – which, in this case, will begin in the first week of September.
“Until then, the Labor Code obligates both PLDT and MKP to respect the current CBA to preserve industrial peace,” it added.
Based on reports, MKP sent to PLDT management on February 20, 2024 its “Notice to Negotiate and Submission of Statement of Proposals” and filed a notice of strike on April 5, 2024, alleging the telecom firm had refused to bargain.
Surprisingly, despite the strike threat, the shares of PLDT have reached their highest price levels over a 52-week period in recent weeks, or have trading at above P1,400 per share. On the other hand, its 52-week low was P1,094 logged in September last year.
This may indicate that PLDT still has the confidence of investors, as the Philippine Stock Exchange index been hovering between 6,500 to 6,600 points, or still below 7,000 points or what analysts call “bull territory.”
Also, PLDT reported a more than 100% increase in its net income for 2023 to P26.61 billion, and has allocated P75 billion to P78 billion for capital expenditures (capex) this year that, however, is 12-percent lower than P85-billion capex in 2023.
PLDT, which controls Smart Inc., is also urging its officers and workers to work together to attain the company’s targets.
“PLDT respects its workers’ rights to self-organization within the bounds of law. Management urges all concerned to work together to achieve PLDT’s business targets and ensure that the basic right of its subscribers to connectivity are provided and remain paramount during this time. PLDT’s commitment to their people and subscribers remains unwavering,” it added.
