"To our employees, partners and friends,
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 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. Globe Telecoms has earmarked P270M for its retail store support staff and vendor partners while all other Ayala companies will reserve another P130M in personnel-related financial support.
Furthermore, Ayala Malls will be providing a rent-free period for malls that are not allowed to operate during the community quarantine from March 16 to April 14. The total package will be worth around P1.4B in rent condonation to 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.
For its own employees, Ayala will continue to provide salary continuance and financial support where possible as most of these employees will be getting their mid-year bonuses normally paid in April starting today through the end of March. Ayala has also postponed or delayed employee loan payments due to the Ayala Multi-Purpose Cooperative and have introduced 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.
As always, stay healthy and be safe."
Jaime Augusto Zobel de Ayala and
Fernando Zobel de Ayala
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