Ayala Prepares 2.4 Billion Pesos To Support Its Partners & Employees Amidst COVID-19 Crisis
Not only has the novel coronavirus crippled healthcare systems but it has also negatively affected international economies. With the enhanced quarantine mandate placed over the Philippines, mass transportation has stopped and many businesses have been forced to pause operations. A difficult no-work-no-pay scenario has come into play painfully impacting dedicated, hard-working FIlipinos and the local economy as a whole, both on a micro and macro level.
In response to this troubling turn of events Ayala Corporation’s Jaime (chairman and CEO) and Fernando Zobel de Ayala (president and COO) released an uplifting and inspirational joint statement outlining how 2.4 billion pesos would be allocated to aid their employees and partners. This generous plan covers: retail workers, construction workers, service providers, security agencies, employees and tenants who are affected by no-work-no-pay.
Brothers, Jaime and Fernando explain that “the Ayala group as a whole, has decided to adopt a COVID-19 emergency response package of P2.4B consisting of wages, bonuses, leave conversions and loan deferments primarily for the extended workforce of our partner employers so they may continue to be paid for the duration of the quarantine period. These include P600M in salary continuance for displaced workers from construction sites, shuttered malls and retail spaces of Makati Development Corporation and the Ayala Malls group.”
This means that Ayala will generously be paying their employees salaries and providing financial support wherever they are able. The Zobels explain that Ayala will be “postpon[ing] or delay[ing] employee loan payments due to the Ayala Multi-Purpose Cooperative and have introduced special financial assistance programs at subsidized rates” for those in need.
On top of paying their employees, Ayala Malls has vowed to waive rent for their tenants during the enhanced community quarantine that has ordered non-essential businesses or services to close down (March 16 to April 14.) An amount of around 1.4 billion pesos of rent will be waived so that retailers who are unable to operate will have some respite from financial obligations, allowing them to support their employees wages during this no-work-no-pay situation.
Furthermore, Globe Telecom has allocated 270 million pesos to support its retail staff and vendor partners. It is reported that other majority owned Ayala companies will be reserving another 130 million pesos to assist their employees financial concerns.
In this trying time, support the Filipino, and take care of one another!