Tycoons Join Covid-19 Battle

Corporate citizens pour billions into efforts against coronavirus

- James Loyola

As the COVID-19 pandemic began to make its presence felt in the Philippines, the government scrambled to gather its resources to provide more protection to medical workers while making sure there will be food for everyone before it imposes a quarantine.

To get things rolling, the government called on the more agile private sector for help and corporate citizens big and small wasted no time in pouring billions worth of resources to fight the disease while providing for the needy.

Firms first took care of their stakeholders, allocating billions to assure employees of their salaries amid the uncertainties, ensuring the continued production of food and essential services, waiving tenant leases, and extending loan and bill payment periods.

After this, companies began rolling out feeding programs and relief operations for the needy, purchasing protective gear and medical equipment for frontliners and hospitals, and housing and transporting medical workers.

With these efforts amounting to billions, the private sector has obviously ignored its impact on their finances which are already under threat since operations have ground to a halt and their revenue streams have been shut off.

“Of course when you are closed there is no cash flow… this year, you can write it off…,” noted gaming and port magnate Enrique Razon Jr.