The Clark International Airport Corp. (CIAC) deferred collecting lease rentals from its 45 locators to assist businesses affected by the COVID-19 pandemic.
"They don’t have to pay their rentals from April to June right now. We won't charge interest or penalties on delayed payments,” confirmed CIAC president Aaron Aquino.
The Clark Freeport Zone had been locked down from April to June.
“We hope this (deferral of rental payments) will serve as a springboard for businesses at the aviation complex to recover from the sudden business disruption and income loss caused by the pandemic,” he added.
In addition to the deferred collection of lease rentals during the quarantine period, Aquino said CIAC locators are also given a 30-day grace period from the last due date of their rental payments or from the date of the lifting of the ECQ, MECQ and GCQ, “whichever is longer, without incurring interests.”
After the grace period, locators are then given the option of paying their unsettled accounts through a twelve-month installment scheme.
“This means the amount of rentals accrued by locators during the ECQ, MECQ and GCQ can be equally amortized in twelve months following the end of the 30-day grace period, and again without interest or penalties,” Aquino clarified.
For outstanding accounts as of March 15, 2020 or “old unpaid accounts prior to the imposition of the ECQ”, Aquino noted CIAC shall grant a grace period for payment of 90 calendar days, adding that no interest or penalty shall be imposed from March 16 up to June 15.
These policies will be applied while awaiting an official guideline from the Department of Trade Industry on the request of both the Clark Development Corp. and the Bases Conversion Development Authority to allow the grant of full waiver on payment of lease rentals from April to June 2020.
The Clark Civil Aviation Complex managed by CIAC is home to the privately-run Clark International Airport, as well as the mixed-use business district Clark Global City, and currently around 45 locators in cargo and aviation-related businesses.