Makati council OKs P2.5 billion stimulus package for businesses

MANILA, Philippines — The city council of Makati approved on Wednesday a P2.5-billion cash grant program for local businesses, Mayor Abby Binay announced yesterday.

The Makati Assistance and Support for Businesses (MASB) is the city’s economic stimulus package where businesses can get financial assistance ranging from P10,000 up to P100,000.

Businesses employing over 12 city residents will get the maximum amount.

“The P100,000 grant is Makati’s way of boosting local businesses. The city only asks that they continue their businesses, keep their Makati employees and comply with the guidelines and health protocols,” Binay said.

She called on owners of unregistered businesses in the city to secure the necessary permits to qualify for the grant.

“When businesses are shuttered permanently, they have to let go of their employees. In Makati, businesses employ mostly city residents. This poses a double whammy for us — revenue losses for the city and loss of livelihood for the residents. This is why we are stepping up and doing something about it,” Binay said.

She said the cash assistance would not only boost the local economy, but also promote the continued employment of Makatizens.

“We do not want Makati residents to become part of the more than 10 million people projected to be rendered jobless by the pandemic,” Binay said.

Under the MASB program, small and medium enterprises with special business permits endorsed by the Makati Barangay Business Association and other businesses may apply for the cash grant.