Ayala Malls has waived P4 billion in rents and fees since as a relief to its tenants as of May according to Jennylle Tupaz, company president.
Tupaz told an online forum hosted by the Philippine Franchise Association rent for open stores had also been reduced.
The mall operator waived the minimum guarantee rent and reduced the fees on common use service areas.
Ayala Malls also waived said various measures were adopted by Ayala Malls since the enhanced community quarantine mid March, including a zero rent for merchants restricted from operations.
To preserve mall occupancy, Tupaz said Ayala Malls has also offered financing through Bank of Philippine Islands.
The program that started in June is offered exclusively to Ayala Malls merchants for at least three years. Loans available range from P300,000 to P13 million at prevailing market rate and payable up to 1.5 years.
The loan will finance merchants’ working capital requirements.
