The country’s largest conglomerate, SM Investments Corp. (SMIC), has shelled out about P30 billion for COVID-19 intervention efforts so far, mostly in the form of rent waivers, payments, donations and other relief operations.
This is so far the single largest COVID-19 relief program announced by a local business group.
SMIC president and chief executive Frederic DyBuncio said during the company’s stockholders meeting on Wednesday that the group continued to support its partners, especially thousands of small and medium enterprises in its supply chain.
The firm has also provided loan extensions for host communities during the pandemic, he said.
“Our collective resilience is necessary to safeguard our long-term growth and to ensure we can continue to promote responsible development nationwide,” DyBuncio said.
He pointed out that during this challenging period, SM had made the health and safety of its stakeholders its top priority.
To help with overall recovery efforts, SM is providing free vaccines for thousands of employees across the group once supplies become available.
SM also recently offered its facilities nationwide as vaccination venues for use by local governments in reaching as many citizens as possible.
Vaccination sites are located in SM malls in Pulilan, Olongapo, Marilao, Cabanatuan, Cauayan, Tuguegarao, Masinag, San Mateo, Parañaque, Muntinlupa, Antipolo, North Edsa, Taguig, Trece Martires, Rosario, Calamba, San Pablo, Lemery, Lipa, Cebu, Iloilo, Bacolod, Ormoc, Butuan and General Santos. More sites will be added soon.
Together with the Philippine Red Cross (PRC), saliva-based RT-PCR tests were also made accessible in more than 10 malls nationwide. SM has also donated about 2,000 mattresses and other essentials to PRC’s isolation wards for COVID-19 patients in various universities in the National Capital Region. This is in addition to converting the Mall of Asia Arena into a mega testing center to boost the government’s testing capacity.
“These will help to build the confidence that our consumer-led economy urgently needs. The key is to continue to innovate and operate safely, which we have done and continue to do. We continue to respond and adapt to changing customer needs and touch points to serve our customers better,” DyBuncio said. —DORIS DUMLAO-ABADILLA