Conglomerates step up to avert economic crash

MANILA, Philippines — Conglomerates are stepping up to help avert a potential economic crash in light of the new coronavirus disease or COVID-19.

Ayala Corp., the country’s oldest conglomerate, announced an emergency response package of P2.4 billion consisting of wages, bonuses, leave conversions and loan deferments primarily for the extended workforce of its partner employers so they may continue to be paid for the duration of the quarantine period.

“These include P600 million in salary continuance for displaced workers from construction sites, shuttered malls and retail spaces of Makati Development Corp. and the Ayala Malls group.

 Globe Telecoms has earmarked P270 million for its retail store support staff and vendor partners, while all other Ayala companies will reserve another P130 million in personnel-related financial support,” said the Ayala Group.

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, they said.

The total package will be worth around P1.4 billion 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.

The Gokongwei Brothers Foundation (GBF), for its part, announced the establishment of a P100 million fund to help fight the ongoing impact of the pandemic in the country.

The fund will be used to support national and local frontline health providers currently serving in various hospitals to combat the dreaded disease and the local communities where the conglomerate’s various businesses operate.

GBF will provide urgently needed personal protective equipment (PPE), such as surgical masks, for health care front liners, as well as rapid test kits.

Universal Robina Corp. is likewise donating food products that are basic necessities such as Great Taste coffee, Magic Crackers, Nissin Cup Noodles, Refresh Mineral Water and Vitasoy drinks to health workers in different hospitals now at the frontlines of the battle versus the deadly virus.

Its real estate unit Robinsons Land Corp. (RLC) is providing support for the purchase of test kits for various hospitals in the National Capital Region.

RLC, the operator of Robinsons malls, will also be waiving rental charges for all non-operational tenants of its various malls for the period during which the mall is closed because of the community quarantine.

SM has likewise  earmarked P100 million to provide urgently needed personal protective equipment (PPE), Covid-19 test kits, alcohol, and other medical supplies to the Philippine General Hospital (PGH), Research Institute for Tropical Medicine (RITM), and other hospitals.
It reached out to Manila Healthtek, Inc., the producer of the local test kits developed by the UP-NIH team, to distribute 20,000 tests for free to government hospitals, once approved for use.

SM has also been working with both PGH and RITM to see how to expand laboratory testing capacity.

San Miguel Corp. (SMC) has also committed to deliver food donations to local government units to help support communities and front-liners.

SMC president and chief operating officer Ramon Ang said the conglomerate would help in the collective fight against the spread of the virus.

Tycoon Andrew Tan’s Alliance Global Group Inc (AGI), on the other hand, will be donating one-million liters of 70% disinfectant ethyl alcohol to help strengthen government’s efforts in fighting the spread of COVID-19.

Around 850,000 liters of 96-percent ethyl alcohol will be denatured in order to convert them into sanitizing and disinfectant alcohol, which can be used by hospitals, clinics, and government agencies that are tirelessly working to curb the spread of the coronavirus all over the country.