Last week, the team of The Covenant Car Company Inc. was startled by news that the firm was going to be taken over by Ma. Fe Perez-Agudo, the former big boss of the Hyundai distributor in the Philippines (Hyundai Asia Resources Inc.) before the Korean automaker decided to enter our market last year. She still handles Hyundai’s trucks and buses, but the passenger cars are now managed by Hyundai Motor Philippines.

This means that Agudo will now oversee the two car brands in the TCCCI stable: Chevrolet and KG Mobility. Her last affair with passenger cars was with the Chinese brand Changan, before the distributorship rights went to Inchcape earlier this year.

TCCCI hasn’t sent official correspondence about this, but this is a done deal, according to an inside source. Our source, who requested anonymity, is concerned about the welfare of the employees, most of whom are expected to lose their jobs.

“TCCCI employees who will likely lose their livelihood might be—as a takeaway from this—collectively regarded or branded as incompetent,” our source told us. “They could be seen as failures. People have very short-term memories kasi. These guys are very talented and highly competent professionals. I think they have a bright future with other brands or other industries. It would break our hearts if they have to suffer yet again from another setback like that.”

Needless to say, what bad timing to lose a job, with Christmas just around the corner. TCCCI very recently launched KG Mobility (formerly SsangYong), and it seemed as though the company was on its way to bouncing back after losing the MG brand this year.

TCCCI is owned by businessman Richard Lee, who also owns the automotive businesses that Agudo is operating.