SMC setting aside P11.67 B for taxes, contractual payments

San Miguel Corp. (SMC), the country’s diversified conglomerate, is setting aside P11.67 billion for tax, concession and contractual payments throughout the extended enhanced community quarantine period despite an amnesty offer from the government.

SMC said this is to strengthen the government’s cash muscle and help it respond effectively to the challenges of the coronavirus disease 2019 or COVID-19 pandemic.

Of the P11.67 billion, SMC has already paid the government P8.77 billion, while the remaining balance will be remitted before the end of the quarantine period on May 15.

The company has also committed to grant full-time pay to all its employees and extended workforce as the enhanced community quarantine remains in effect.

SMC has so far released full compensation with benefits amounting to over P3 billion for all its 66,557 employees, consultants and contract workers, according to SMC president and COO Ramon Ang said.

“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,” Ang said.

In his message to SMC employees, Ang said: “I am truly proud of the hard work that you, most especially our front liners, have been doing in the midst of the challenges: delivering essential goods and services that are critical in this battle. Please continue to adopt our malasakit mindset and focus on what we, as individuals, can do to make a difference, because many are counting on us.”

Ang said the beer, power and infrastructure conglomerate has a huge role to play across industries.

“We are lucky to be more equipped than the rest to navigate this crisis. That said, we remain steadfast in our commitment to assist government and continue providing assistance where it’s most needed,” Ang said.

The company is one of the most active firms in the private sector to respond to the crisis.

To date, SMC and its subsidiaries have provided assistance of over P1 billion in the form of various donations.

It has provided cash, food, flour, disinfectant alcohol, fuel, free toll and personal protective equipment (PPE) donations to vulnerable communities and front liners.

SMC also built emergency quarantine facilities together with the Armed Forces of the Philippines (AFP) to help support the capacity of the country’s public health care system to respond to COVID-19.