Ayala Allots P2.4-B for COVID-19 Response Package

Ayala Corporation has unveiled a 2.4-billion-peso COVID-19 response package, including income support and rent condonation for tenants of malls padlocked during the Luzon-wide lockdown.

The company will provide 1.4 billion pesos in rent condonation β€œto provide merchants of Ayala malls financial relief so they can in turn provide much-needed financial support for their employees during this period.”

The package also includes 600 million pesos in salary continuance for displaced workers from construction sites, shuttered malls and retail space of their construction and mall subsidiaries.

Globe Telecom earmarked 270 million pesos for retail store support staff and vendor partners while other Ayala companies reserved another 130 million pesos in personnel-related financial support.

For its own employees, Ayala will provide salaries and financial support where possible. Most employees will also get their mid-year bonuses normally paid in April before the end of March.

Source: https://business.inquirer.net/292776/ayala-unveils-p2-4b-covid-19-response-package

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