One of the Philippines’ most storied business dynasties is plagued by a vicious family war that is pulling the once-unassailable empire into an operational limbo.

While the public sees only stock market disclosures and postponed meetings, insiders whisper to Nosy Tarsee that a sprawling family corporation is now effectively frozen. 

Major decisions, new investments, critical financing, strategic partnerships, and even day-to-day executive moves have ground to a near-halt as two powerful factions fight for the soul of the holding company that sits atop their vast energy, infrastructure, and industrial interests.

The most visible wound is being felt by ordinary shareholders, as the flagship listed holding company cannot even hold a proper stockholders’ meeting to elect directors. With Securities and Exchange Commission (SEC) approval, the annual meeting was set for July, but it will point out that it will skip the election of the board, the very heart of corporate governance. 

The regulator has to intervene and call on the warring factions to sort out the intracorporate mess before the family corporation convenes to legally install its leaders.

Uncertainty is already rippling outward. Bankers and partners are treading carefully. Big-ticket deals carry “poison pill” triggers that could cost the group dearly or force unfavorable exits if control shifts. Lenders grow nervous about who will ultimately call the shots. Talented executives are caught in the crossfire, unsure which side will prevail. 

Day-to-day operations continue on inertia, but the strategic engine — the ability to pivot, invest boldly, and defend market position — has stalled.

Veterans of the clan say the longer this feud drags on, the greater the damage to the family corporation’s viability. 

What was once a unified powerhouse capable of moving markets and shaping entire industries now risks appearing fractured, hesitant, and vulnerable to investors, regulators and competitors.

Old money families rarely air their dirty laundry, but when control of the crown jewels is at stake, even the most private clans eventually bleed in public. 

The fear among the shareholders is how much value will be destroyed before one side finally wins, or before both sides realize they’re burning the empire down together.