MANILA - Ayala Corp said Friday it has granted billions worth of waived fees and other measures to cushion the impact of the COVID-19 pandemic on its business partners.
As of August 2020, the group has released P6.8 billion in waived fees, deferred loan payments, free services and rental condonations to help "ease the strain" for its partner businesses, Ayala Corp Chairman & CEO Jaime Augusto Zobel de Ayala said in an online panel as he pushed for a more inclusive business model.
“It’s not about social responsibility—it’s about changing a business model to become more inclusive... All of us, I think, have a responsibility on our own, not just the government’s, to address the pain points in society and see if we can use business methods, not just social interactions but embed some of those solutions into the way we do business," Zobel said.
"Businesses have to take on this broader responsibility of contributing to society in a more positive way," he added.
Companies must also work together to serve a bigger purpose, he said.
Zobel said Ayala Corp has been collaborating with the government to ramp up COVID-19 testing capacity. It also worked with the country's coronavirus task force to help increase the national testing capacity by 13 times, it said. It has also contributed to groups in building testing laboratories nationwide.
Ayala Corp is also part of a collaboration of 270 private companies called Project Ugnayan that raised funds for families in greater Manila area, the company said.
The company added its also focusing on "revitalizing" the healthcare sector as the pandemic drags on by introducing innovations to treat patients such as a breathing device and an all-in-one health app from its unit AC Health with Globe Telecom.