The
Philippines oldest business family, the Ayala group has unveiled a P2.4 billion coronavirus(COVID-19)
response package from businesses within its umbrella group of companies, that
would include income support and rent condonation for tenants of shopping malls
padlocked during the month-long Luzon-wide lockdown.
This unprecedented move in battling the pandemic Ayala’s package would include the following, wages, bonuses, leave conversions and loan deferments, primarily for the extended workforce of partner-employers so they may continue to be paid for the duration of the quarantine period.
In a joint statement both Ayala Corp. chair and chief executive officer Jaime Augusto Zobel de Ayala and Ayala president Fernando Zobel de Ayala said that Ayala Malls likewise agreed to provide a rent-free period for malls that are not allowed to operate during the community quarantine from March 16 to April 14. This will translate to around P1.4 billion in rent condonation “to provide the merchants of these malls financial relief so they can in turn provide the much-needed financial support for their employees during this period.”
This unprecedented move in battling the pandemic Ayala’s package would include the following, wages, bonuses, leave conversions and loan deferments, primarily for the extended workforce of partner-employers so they may continue to be paid for the duration of the quarantine period.
In a joint statement both Ayala Corp. chair and chief executive officer Jaime Augusto Zobel de Ayala and Ayala president Fernando Zobel de Ayala said that Ayala Malls likewise agreed to provide a rent-free period for malls that are not allowed to operate during the community quarantine from March 16 to April 14. This will translate to around P1.4 billion in rent condonation “to provide the merchants of these malls financial relief so they can in turn provide the much-needed financial support for their employees during this period.”
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| Ayala brothers Jaime Augusto and Fernando. (photo credit to owner) |
The said package also includes P600 million in salary continuance for displaced workers from construction sites, shuttered malls and retail space of Makati Development Corp. and the Ayala Malls group.
Telco player Globe Telecoms has earmarked P270 million for its
retail store support staff and vendor partners while all other Ayala companies
will reserve another P130 million in personnel-related financial support.
“In these most trying times, those significantly affected by the
COVID-19 situation are the thousands of workers that will be affected by the
enhanced community quarantine because their places of work have been closed.
These include retail workers, construction workers, service providers, security
agencies and employees of many similar businesses who are largely on a
no-work-no-pay type of employment,” the Zobels said.
Ayala group will continue to provide salary and financial support to its
employees where possible as most of these employees will be getting their
mid-year bonuses normally paid in April starting today through the end of
March.
“Ayala continues to ensure that those who are most directly affected by this emergency are taken care of through these financial assistance measures,” the Zobels said.
“Ayala continues to ensure that those who are most directly affected by this emergency are taken care of through these financial assistance measures,” the Zobels said.
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