Metrobank, GT Capital donate ₧200-M Covid-19 relief funds

Metropolitan Bank & Trust Co. (Metrobank) and its parent firm GT Capital Holdings group are donating over P200 million to aid the country
amid the coronavirus disease 2019 (Covid-19) pandemic.

In a statement on Thursday, both companies said that the pledge would be allocated to initiatives managed by their respective foundations currently focused on combatting the virus.

This despite Metrobank seeing its shares fall by 10.34 percent or P4.50 to close at P39 and GT Capital stocks sliding 6.98 percent or P35.70 to finish at P475.80 apiece on Thursday, in line with the 13.34-percent plunge for the benchmark index.

The firms vowed to help in producing test kits for Covid-19 developed by the University of the Philippines-National Institutes of Health and buy personal protective
equipment for frontline health workers.

“The Metrobank and GT Capital Holdings group stand with all Filipinos in facing the challenges brought about by Covid-19,” they said.

“The Ty-family led companies are pledging support to manage the disruption and provide meaningful assistance to customers, employees, and partners who most need help in these difficult times,” the companies added. The Ty-led group said it would continue monitoring the situation and enforce necessary measures.

Earlier, Metrobank reported that it has implemented its business continuity plan protocols to ensure it would remain operational despite the enhanced community quarantine imposed all over Luzon island.

“Metrobank has already activated its emergency and disaster response plan for infectious disease, whereby heightened precautionary measures and sanitation practices including multiple scenario handling have been put in place at all our branches and offices,” it said in a statement.

Apart from providing 30-day grace period for its qualified borrowers, Metrobank also waived fees for money transfers until April 15.

For its part, GT Capital said that it was still assessing the overall impact of the Covid-19 pandemic on its businesses but was optimistic they will still be operational.

Metrobank’s market capitalization currently stands at P195.64 billion. In terms of value turnover, it went down to P376.47 million during Thursday’s trading from P109.94 million the previous trading day, data from the Philippine Stock Exchange showed.


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