Clark Freeport — The Clark International Airport Corp. has deferred rental payments due from 45 locators and investors hit hard by the COVID-19 crisis, CIAC president Aaron Aquino announced Thursday.
Aquino said the deferment will surely help the financially distressed locators mostly engaged in cargo distribution and aviation-related business instead of laying off the employees.
“We told them that they don’t have to pay their rental for the months of April to June and don’t worry about paying their interest or penalties at moment,” he said.
Aquino said the rent deferment was in line with the fifth State of Nation Address of President Duterte Monday, calling on the nation to assist business sectors affected by the coronavirus lockdowns as part of his roadmap for economic recovery.
The deferment of rental worth several million pesos aims to help locators at the 2,367-hectare aviation complex to restart their businesses under the “new normal,” Aquino said.
He said the deferment is awaiting the approval of CIAC’s mother agency, the Bases Conversion Development Authority (BCDA), and the Department of Trade and Industry (DTI).
Businesses in the Freeport and elsewhere in the world stood still from April to June due to implementation of public health measures such as the Enhanced Community Quarantine (ECQ) and General Community Quarantine (GCQ) in Luzon to prevent the spread of the deadly disease.
The deferment also includes a 30-day grace period from the last due date of their rental payments or from the date of lifting of emergency measures “whichever is longer, without incurring interest,” Aquino said.
After the grace period, locators are then given the option of paying their unsettled accounts through a 12-month installment scheme.
“This means the amount of rental accrued by locators during ECQ, MECQ, GCQ can be equally amortized in 12 months following the end of 30-day grace period, also without interest or penalties, Aquino stressed.
With regards to the outstanding old and unpaid accounts prior to the imposition of ECQ, CIAC shall grant payment within 99 calendar days with no interest and penalties from March 16 up June 15, he added.