BY JEL SANTOS
The local government unit (LGU) of Makati City has allocated P2.5 billion for its economic relief program that aims to a grant up to P100, 000 financial assistance to nearly 80, 000 businesses in the city amid the coronavirus disease 2019 (COVID-19) pandemic.
This was announced by Mayor Abigail “Abby” Binay during a Facebook Live on Monday morning.
The grant program of the city government aims to pump-prime the local economy during the pandemic.
“This is not a loan, but financial aid aimed 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,” she said.
Under the Makati Assistance and Support to Businesses (MASB) Program, Makati City will extend grants ranging from P10,000 to P100,000 to registered businesses in the city, depending on the type of business and the number of Makati residents it currently employs.
Moreover, the city government said the grant will be utilized to pay for salaries of employees, both Makati and non-Makati residents, and for payment for supplies.
The money will not be released to the employers, but directly to employees and to their Makati-based suppliers, the LGU said.
Makati City said the recipients of the grant will not be required to pay back, provided that they comply with three conditions for the next two years: 1) They continue to operate; 2) They will not lay off any of the Makatizen employees; and 3) They will comply with the city’s ordinances and safety guidelines.
To encourage the registration of 100 percent online businesses, Binay said she has endorsed to the City Council an ordinance that will provide the lowest local business tax rate allowed by the law for online sellers who do not have any physical store presence. (Jel Santos)
