The collapse of Ayala Corporation had sent shockwaves through the Philippine business community. First Gokongwei, then Pangilinan, and now Zobel de Ayala—three titans of industry, once thought untouchable, had all succumbed to the relentless onslaught of Michael Reyes and Reyes Corporation. What was once unthinkable had now become a terrifying reality: Reyes Corporation was an unstoppable force, reshaping the landscape of power, wealth, and influence in the country.
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The air in Manny Villar's boardroom was heavy with unease as he sat at the head of the table. Around him were some of the remaining magnates: Henry Sy Jr., Ramon Ang, and a handful of other top businessmen who had yet to feel the full force of Michael Reyes' campaigns. Their faces, usually calm and collected, now showed signs of strain.
