Saturday-Friday | January 23 - 29, 2021
Business BUSINESS
Makati Shangri-La to close after months of ‘low business levels’ MANILA (Mabuhay) — The Makati Shangri-La on Wednesday announced that it would close temporarily starting next month, aside from downsizing its workforce, due to continued low business levels caused by the pandemic. In a statement, t he Makati Shangri-La said after considering “all viable options,” it would reorganize its workforce and operations in the Philippines. “As part of the reorganization exercise, we will sadly be parting ways with a number of colleagues and we will be temporarily closing Makati ShangriLa, Manila,” it said. The hotel said at the start of the pandemic, they prioritized the preservation of as many jobs as possible through “multiple cost management initiatives”, such as salary reductions at the management level, implementing shorter work weeks, hiring freeze, and cuts in non-essential spending. “At the same time, for the past 10 months, we have provided assistance for our rank and file to help them through these challenging times,” it added. However, the prolonged timeline of restrictions on leisure businesses, such as hotels, has resulted in increasing finan-
cial pressure on the MakatiShangri-La’s business in the Philippines. To help ease the burden on personnel who would be downsized, it said they would receive a “fair compensation package that is higher than local statutory guidelines” and extending health care coverage and grocery support until December 31 this year. “We are also providing colleagues with career transition assistance to help them get back on their feet,” the Makati Shangri-La said. It said the hotel will reopen at a later date when business conditions improve, noting that it would “vigilantly monitor” local and global developments in the meantime.
In a statement, Tourism Secretary Bernadette Romulo-Puyat said she was saddened by the decision to close the hotel beginning February 1. “The hotel has been a pillar in the tourism industry in the country and has contributed to positioning the country in the region and around the globe. Nevertheless, we are hopeful that Shangri-La Makati Hotel will soon reopen its doors to international and domestic clients,” Puyat said. In the meantime, she said her department would continue to spearhead the acceleration of recovery of the country’s tourism industry and assist its tourism stakeholders “as it has done so in the previous months.” (MNS)
Visit www.Balita.com
Weekend
BALITA
13
House ratifies bill on AMLA amendments MANILA (Mabuhay) — The House of Representatives on Wednesday ratified the bicameral conference committee report on a bill strengthening the country's anti-money laundering law. The chamber approved the final reconciled version of the measure, which introduces amendments to Republic Act 9160, or the Anti-Money Laundering Act of 2001, ahead of the February 2021 deadline set by the Paris-based global dirty money watchdog Financial Action Task Force (FATF). The bill seeks to include tax crime as a predicate offense to money laundering and set a threshold to an excess of PHP25 million. It shall also require the submission of reports on all real estate transactions involving an excess of PHP7.5 million to the Anti-Money Laundering Council (AMLC). The final version of the bill retained the House provision granting the AMLC the power to investigate, issue subpoenas and conduct search and seizure. It will now include Philippine offshore gaming operators (POGOs) and their service providers among the covered persons. Speaker Lord Allan Velasco said the proposed law would help the Philippines avoid being included in the gray list of FATF-International Cooperation Review Group. “We are glad that the bill is now just one step away from becoming a law and we are poised to beat the deadline for us to come up with a much stronger legislation against money laundering so we can avoid being placed on the FATF gray list,” Velasco said. Inclusion in FATF’s gray list will result in additional layers of scrutiny from regulators and financial institutions, delayed processing of transactions, and blocking the country’s road to an “A” credit rating. “The Philippines cannot afford to be in that list as it would further hurt the economy already struggling from the devastating effects of the Covid-19 pandemic,” he said. Velasco said the final version of the AMLA amendments will be sent immediately to President Rodrigo Duterte for his signature. The Philippines was gray-listed by the FATF in 2000 for failing to address “dirty” money issues, paving the way for the enactment of RA 9160 in 2001. It was subsequently removed from the list in February 2005. (MNS)
Senator Francis Pangilinan
