RENT RELIEF. An aerial photo shows the Mactan Economic Zone II, a 63-hectare Philippine Economic Zone Authority-registered industrial zone that employs 14,000 skilled workers in 49 multinational companies. AboitizLand Inc. is considering timely rent relief to its industrial locators inside the Mactan Economic Zone II (MEZ II) to help them recover from losses due to Covid-19 pandemic. (Photo courtesy of AboitizLand Inc.)
CEBU CITY – AboitizLand Inc., the real estate arm of the Aboitiz Group, is looking to provide timely rent relief to its industrial locators inside the Mactan Economic Zone II (MEZ II) which still reel from the drop in sales and unexpected expenses to continue operations under community quarantine guidelines.
Together with the Mactan Cebu International Airport Authority (MCIAA), the property developer is committed to pitch in the nation’s efforts to rebuild amidst the crippling economic impact brought by the coronavirus disease 2019 (Covid-19) pandemic by extending a 50-percent discount on rent covering a five-month period.
The rent concessions are seen to help manufacturers “get back on their feet” after quarantine losses.
The pandemic and the enhanced community quarantine have forced manufacturing businesses to adapt to production demand changes, labor support challenges, and supply chain ecosystem constraints.
“We share our locator partners’ concerns and we remain committed to helping them survive and recover swiftly from this ongoing health and economic crisis,” Eduardo Aboitiz, the firm’s Industrial Business Unit head, said.
Aboitiz said the assistance and the support his firm has extended over the past 25 years “will be reciprocated by our locators through their continued commitment to the Philippines and to the people of Cebu”.
He underscored the importance of working together “in this changing business dynamic to help keep the economy moving and continue to provide employment to those depending on the industrial zone for livelihood”.
MEZ II employs 14,000 skilled workers in 49 multinational companies belonging in light to medium industries that include precision instruments, medical equipment, communication and electronics, automotive supplies, apparel and furniture.
Established in 1995 in partnership with MCIAA, the 63-hectare Philippine Economic Zone Authority (PEZA)-registered MEZ II in Lapu-Lapu City highlights Cebu in the global export market.
The industrial zone is part of a sprawling mixed-use estate which also houses a commercial corporate building that complements the retail and recreational lifestyle elements of the Pueblo Verde shopping complex, which has over 70 retail stores, services and restaurants, as well as a transit hub. (PNA)
