SM waives rent for mall tenants during COVID-19 lockdown


Posted at Mar 18 2020 05:23 PM

MANILA - SM Supermalls said Wednesday it would waive rent for its tenants nationwide from March 16 to April 14, with Luzon under lockdown to stop the COVID-19 pandemic.

The country's largest mall operator said this would offer tenants "some relief during this trying time, so that they can in turn lend more assistance to their employees during the period of Community Quarantine."

“We share our tenants partners’ concerns at the unfortunate situation and will waive rental charges for those affected and unable to operate during this period,” SM Supermalls President Steven Tan said in a statement.

Rent condonation is part of its commitment to fight the effects of the COVID-19 outbreak, SM said.

The SM group earlier said it allocated P100 million to provide protective equipment and supplies to hospitals to fight the spread of COVID-19.

Earlier, the Ayala group said it was also condoning rent for tenants of Ayala Malls for the duration of the lockdown as part of a P2.4-billion relief package for employees and partners 

The Gokongwei group said it allotted P100 million to support health workers fighting the COVID-19 pandemic.