MacroAsia management takes pay cuts to save jobs due to COVID-19


Posted at Mar 16 2020 07:19 PM

MANILA - MacroAsia Corp said Monday members of its management team and other subsidiaries agreed take 10-percent pay cuts to save jobs as the aviation industry reeled from travel restrictions due to the COVID-19 pandemic.

A rotating, voluntary no-work, no-pay scheme will also be implemented on all pay grades starting March 16 while a voluntary early separation program "is being put into place," MacroAsia told the stock exchange.

"The management team in the listed parent company and some subsidiaries are taking 10 percent pay cut to be able to help save jobs impacted by the diminished workload in aviation services," the statement said. 

Some 12,315 staff of the MacroAsia group and associates are exposed to the virus, it said.

MacroAsia estimates that COVID-19 could result in a "revenue downturn" of about P867 million from February to April, it said.

Philippine Airlines earlier disclosed the separation and retrenchment of some 300 ground staff as the COVID-19 "aggravate" losses.

Its subsidiaries involved in airline catering are also "impacted" due to travel restrictions and flight cancellations. Operations are "further impacted" by the 30-day community quarantine which banned domestic flights to and from Manila, it said. 

Presidential Spokesperson Salvador Panelo earlier said the entire Luzon would be placed under "enhanced community quarantine." Details of which will be further discussed by President Rodrigo Duterte late Monday.