June 17, 2024


World Business Inquiries

SMC earmarks P11.67B for COVID-19 initiatives

2 min read


Conglomerate San Miguel Corp. has earmarked P11.67 billion for COVID-19 response efforts, including the provision of safety nets for its workforce and resource mobilization to help the government deal with the unprecedented pandemic.

The amount – equivalent to nearly a quarter of its comprehensive net profit in 2019 – is in the form of tax, concession and contractual payments throughout the extended lockdown period of Metro Manila and other key regions.

SMC has committed to grant full-time pay to all its employees and extended workforce while the enhanced community quarantine (ECQ) remains in effect. This is while mobilizing resources to help address the larger societal and economic impact of the COVID-19 crisis.

Of the amount set aside, SMC has so far paid the government P8.77 billion, while the remaining balance will be remitted before the end of the ECQ.

Meanwhile, SMC has released full compensation with benefits amounting to over P3 billion for all its 66,557 employees, consultants and contract workers.

“These are trying times and while we, as a company, are not immune to the challenges of this crisis, the safety and security of our workforce will always come first. We do not want them worrying about their jobs,” SMC president and chief operating officer Ramon S. Ang said.

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