SM Supermalls, the largest mall operator in the Philippines, has announced that rentals from the period of March 16 to April 14, 2020 will be waived to help its tenants cope with the slowdown of business brought about by COVID-19. What’s more, the announcement doesn’t just cover tenants who cannot operate in SM Malls in Luzon, but also those from other parts of the Philippines.
“We share our tenants partners’ concerns at the unfortunate situation and will waive rental charges for those affected and unable to operate during this period,” SM Supermalls president Steven Tan said in a statement. In addition, the SM Group has also allocated P100 million to provide protective equipment and supplies for the safety of medical frontliners.
SM is but one of the many conglomerates in the country who have expressed their commitment in fighting, not just COVID-19, but its adverse effects on businesses, consumers and the labor sector. Earlier this week, the Ayala Group has also waived rental for tenants of Ayala Malls, and has set aside a P2.4-billion relief package for employees and partners.
The Gokongwei Group, on the other hand, has allotted P100 million to support health workers fighting the COVID-19 pandemic.
