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Nation

Makati unveils P2.5 billion economic relief program

Ralph Edwin Villanueva - The Philippine Star

MANILA, Philippines — The local government of Makati will provide up to P100,000 in financial assistance to businesses in the city under the P2.5-billion economic relief program in a bid to boost the local economy during the pandemic, Mayor Abby Binay announced yesterday.

The grant is part of a package of new programs unveiled by Binay on Facebook Live.

The other programs are setting the lowest tax rate for online sellers, implementation of “travel window” during curfew hours to give people more time to dine in restaurants and other food establishments, and pooled swab testing for employees of private companies.

“These initiatives are intended to support businesses and ensure a safe environment for Makatizen consumers. We recognize the need to help business owners recover in order to sustain their operations and retain employees, which include city residents,” Binay said.

Under the Makati Assistance and Support to Businesses (MASB) program, the local government will give financial grant of P10,000 up to P100,000 to registered businesses in the city, depending on the type of business and the number of residents it employs.

The amount will be used to pay for supplies and salaries of employees, both Makati and non-Makati residents.

The money will be released directly to the employees and Makati-based suppliers.

Recipients of the grant will not be required to pay back, provided that they comply with three conditions for the next two years: businesses will continue to operate, will not lay off any Makatizen employees and will comply with the city’s ordinances and safety guidelines.

“This is not a loan, but financial aid to help some 78,000 businesses registered in Makati. We will ensure an easy, fast and automatic process for the approval of grants under the program,” Binay said.

MAKATI CITY

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