SM extends help to mall tenants by waiving rent

SM Supermall said it has decided to waive the rent of its mall tenants nationwide from March 16 to April 14 to help them cope with the adverse impact of the spread of the coronavirus disease 2019 (Covid-19).

The waiving of rent is on top of the P100-million donation set aside by SM to help the national government fight the Covid-19 pandemic.

In a statement on Wednesday, SM Supermalls said the tenants will be able to address the needs of their employees during the imposed community quarantine in Luzon.

“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.

On top of the rental condonation, SM group allocated earlier P100 million for personal protective equipment (PPE) and supplies for medical frontliners as they combat the spread of coronavirus.

“To ensure the safety of medical frontliners, SM is bringing in PPEs—face masks, gowns, visors, hoods, gloves, and shoe covers, as well as urgent medical supplies—to help government hospitals who badly need them,” said SM Prime’s Hans Sy.

SM has also reached out to Manila Healthtek Inc. to distribute 20,000 test kits for free to government hospitals, once approved for use.

SM said it continues to work closely with the government in times of crisis and prioritize the welfare of its employees and partners.

Meanwhile, SM Supermalls have remained closed since  Monday except Hypermarkets and supermarkets, Watsons Pharmacies, banks and food stores and restaurants with delivery for take out orders.

Shares of SM Prime Holdings Inc., the listed firm that owns shopping mall operations, fell P1.50 during Thursday’s trade to close at P27 per share.


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