Aboitiz Land, Inc, (AboitizLand) is extending its 50% rent discount for another five months for locators in its Mactan Economic Zone II (MEZ II) in Cebu, as a way to assist companies affected by the coronavirus disease 2019 (COVID-19) pandemic.
In a statement Friday, the real estate arm of the Aboitiz Group said it is working with the Mactan Cebu International Airport Authority (MCIAA) for rent discount for industrial locators.
“We share our locator partners’ concerns and we remain committed to helping them survive and recover swiftly from this ongoing health and economic crisis,” AboitizLand Industrial Business Unit Head Eduardo Aboitiz said in the statement.
The company noted several locators in MEZ II are facing revenue declines and unexpected expenses due to lockdown in the region.
Around 14,000 skilled workers are estimated to be employed by 49 multinational companies in the 63-hectare ecozone. These are light to medium industries involved in precision instruments, medical equipment, communication and electronics, automotive supplies, apparel and furniture.
“We believe that this assistance…will be reciprocated by our locators through their continued commitment to the Philippines and to the people of Cebu,” Mr. Aboitiz said.
“It’s important that we work together in this changing business dynamic to help keep the economy moving and continue to provide employment to those depending on the industrial zone for livelihood,” he added.
AboitizLand is under Aboitiz Equity Ventures, Inc. (AEV), the listed holding company of the Aboitiz Group. In the first quarter, AEV’s earnings dropped 42% to P2 billion due to operational constraints during the lockdown across its business segments.
AEV has interests in power, infrastructure, real estate, food and banking businesses.
The Aboitiz Group has so far donated P1.85 billion for COVID-19 response efforts, aside from payments that were waived, reduced, extended or restructured.
Shares in AEV at the stock exchange gained 50 centavos or 1.02% to close at P49.75 each on Friday. — Denise A. Valdez
