Makati readies P2.5-billion stimulus package
Makati City Mayor Abby Binay today said the City Council approved on Wednesday her administration’s P2.5 billion cash grant program for Makati-based businesses.
The Makati Assistance and Support for Businesses (MASB) is the city’s economic stimulus package where Makati-based businesses can get a grant ranging from P10,000 to P100,000 for their employees’ salaries and to pay suppliers registered in Makati. Businesses with over 12 Makatizen employees will get the maximum amount of the grant.
“The P100,000 grant is Makati’s way of boosting local businesses. The city only asks that they continue to run their businesses, keep their Makati resident employees, and comply with all guidelines and protocols for operation,” Mayor Abby said.
The mayor also called on owners of unregistered businesses in the city to secure the necessary permits in order to qualify for the grant.
On Monday, the mayor announced new initiatives aimed at helping Makati businesses recover from the blows dealt by the pandemic. Besides the closure or heavily diminished operations of commercial establishments, shops, and other enterprises, the mayor said she was also concerned about the job security of the tens of thousands of Makatizens they employ.
“When businesses are shuttered permanently, they have to let go of their employees. In Makati, businesses employ mostly Makati residents. This poses a double whammy for us — revenue losses for the city and loss of livelihood for our residents. This is why we are stepping up and doing something about it,” Mayor Abby explained.
She said the P100K MASB Program will not only pump prime the local economy, but will also promote the continued employment of Makatizens. She noted that she does not want Makati residents to become part of the more than 10 million people projected to be rendered jobless by the pandemic.
Under the MASB program, small and medium-sized enterprises (SMEs) with special business permits endorsed by the Makati Barangay Business Association and other businesses may all apply for the grant. The amount released will vary on the number of Makati residents the business employs or if it is owned by a Makati resident.
For small and medium-sized enterprises, the grant will be as follows: 100 percent owned by a Makatizen with no Makati resident employee, P10,000; not owned by a Makatizen with one to two Makatizen employees, P10,000.00; 100% owned by a Makatizen with one to two Makatizen employee/s, P15,000.00; owned/not owned by a Makatizen with more than two Makatizen employees, P20,000.00.
For all other types of business, the following allocation will apply: 100% owned by a Makatizen with no Makatizen employee, P15,000; owned/not owned by a Makatizen with 1 to 3 Makatizen employee/s, P20,000.00; owned/not owned by a Makatizen with 4 to 6
Makatizen employees, P40,000.00; owned/not owned by a Makatizen with 7 to 9
Makatizen employees, P60,000.00; owned/not owned by a Makatizen with 10 to 12
Makatizen employees, P80,000.00; and owned/not owned by a Makatizen with more than
12 Makatizen employees, P100,000.00.
The grant will be used to pay for salaries of employees, both Makati and non-Makati residents, and for payment of supplies. The money will not be released to the employers, but directly to employees and to their Makati-based suppliers.
According to Mayor Abby, there is no minimum period that the qualified business must be operating prior to the submission of the application for the P100K MASB Program.
However, after the grant is released, businesses must strictly comply with three conditions for the next two years: 1) They continue to operate; 2) They will not lay off any of the Makatizen employees, and 3) They will comply with the city’s ordinances and safety guidelines.
If a grant recipient violates any of the MASB Program conditions, Mayor Abby said the business is required to repay the amount in full within 30 days.
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