Ayala Group to Provide Rent Condonation for Mall Tenants

In a Facebook post of Jaime Zobel de Ayala, he announced that the Ayala Group will be providing rent condonation for their mall tenants.

Since the malls are closed, many businesses are affected by the community quarantine. Many workers don’t have work and some employers don’t have salaries during the quarantine period.

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The Ayala Group will adopt their COVID-19 emergency response package of Php2.4B which will be used for wages, bonuses, leave conversions and loan deferments. It will include Php600M in salaries for workers in their construction sites, shuttered malls and retails spaces under the Makati Development Corporation.

Globe Telecom will also have Php270M for its retail store staff and vendor partners. All the other Ayala Companies will reserve P130M for personnel-related financial support.

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The rent condonation, on the other hand, will be for all Ayala Malls that are on shutdown during the quarantine period. It is said that the total amount of rentals will be at around Php1.4B. In turn, the Ayala Group would like their tenants to help their employees.

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Ayala employees will get salary despite the situation and they are already releasing the company mid-year bonus. All loan payments in the company cooperative are also postponed while a new financial assistance program is available at subsidized rates.