Walang pababayaan! Ayala unveils P2.4B COVID-19 response package

Jaime Augusto and Fernando Zobel de Ayala / Photo via Rappler

Ayala Group has unveiled a P2.4-billion coronavirus (COVID-19) response package for businesses which include income support and rent arrangements for tenants of its shopping malls during the enhanced community quarantine.

Ayala’s package consists of wages, bonuses, leave conversions and loan deferments, especially for extended workforce of its partner employers.

The announcement was made by Ayala Corp. chair and chief executive officer Jaime Augusto Zobel de Ayala and Ayala president Fernando Zobel de Ayala.

Ayala Malls also agreed to provide a rent-free period for malls that are not allowed to operate during the community quarantine from March 16 until April 14.

The rent condonation for its tenants is around P1.4 billion  in conversion, as this "will 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,” the Zobel brothers said in their joint statement

“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 assured that its employees affected by the community quarantine will be assisted financially.

“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.

The package also include P600 million in salary continuance for displaced workers from constrruction sites, closed malls, even for retail stores in Makati and the Ayala Malls group, according to a report by Inquirer.

The business group will also delay or postpone loan payments due to the Ayala Multi-Purpose Cooperative. Special financial assistance programs at subsidized rates were also introduced for the cooperative.

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