THE Ayala brothers are rolling out a P2.4-billion emergency response package for employees and partners affected by the coronavirus disease 2019 (COVID-19) business disruptions.
In a Facebook post, Ayala Corp. (AC) Chairman and Chief Executive Officer Jaime Augusto Zobel de Ayala said the Ayala group will be providing wages, bonuses, leave conversions and loan deferments to its employees and partners during the quarantine period.
The billion-peso package is composed of a P600-million salary continuance for displaced workers from construction sites, shuttered malls and retail spaces of Makati Development Corp. and the Ayala Malls group; P270 million from Globe Telecom, Inc. for retail store support staff and vendor partners; and P130 million from other Ayala companies for personnel-related financial support.
The remaining P1.4 billion is rent condonation that the company will give to merchants of Ayala Malls. This package is meant to “provide the merchants of these malls financial relief so they can in turn provide the much-needed financial support for their employees.” This is aside from a rent-free period from Mar. 16 to Apr. 14.
Employees of companies under the Ayala group will also receive their salaries and additional financial support where possible. Their mid-year bonuses that are originally scheduled to be given in April will also be distributed earlier, starting yesterday until the end of the month.
The company is likewise delaying employee loan payments that are provided through the Ayala Multi-Purpose Cooperative. It is also offering special financial assistance programs at subsidized rates.
“Ayala continues to ensure that those who are most directly affected by this emergency are taken care of through these financial assistance measures,” Mr. Ayala said.
Under the Ayala group of companies are Ayala Land, Inc.; Globe; Bank of the Philippine Islands; AC Energy, Inc.; Manila Water Co., Inc.; and AC Industrials, among others.
It earned P35.28 billion in 2019, up 11% from a year ago, due to divestments in its education and energy businesses and higher consumer demand from its property, telecommunications and banking segments. — Denise A. Valdez
