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Home  >>  Daily News  >>  Philippines News  >>  Economy  >>  US firm cuts Philippine workforce by 30%

NEWS UPDATES 3 June 2009

US firm cuts Philippine workforce by 30%

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US high-tech components producer Moog Inc will cut staff at its Philippines unit by almost 30 percent as it is hit by the global economic downturn, AFP quoted the local labour office as saying.

Moog Controls Ltd. will lay off 293 of its 1,000 employees from July 1, its first retrenchment since starting operations in the northern city of Baguio 25 years ago, said Labour Department assistant director Sixto Rodriguez.

New York-based Moog makes components for both commercial and military aircraft, satellites and industrial and medical equipment.

Rodriguez said the department was making sure all those who are laid off receive the severance package promised by Moog, while other government agencies would be provide other forms of assistance.

In December, Texas Instruments, one of the world's biggest semiconductor manufacturers, announced it was laying off 400 of its 2,300 workforce in Baguio due to the financial crisis.

Other electronics firms in the Philippines have announced lay-offs, or put many employees on forced leave or half pay, as orders for semiconductors and other components dwindled due to a lack of demand.

Before the global meltdown kicked in towards the end of last year the Philippines electronics industry accounted for 70 percent of exports and employed more than 300,000 people. In March, Philippine electronic exports, which accounted for about half of total exports, declined by 33.9 percent.

[Moog Inc, Moog Inc cut staff at its Philippines unit, electronics firms in the Philippines announced lay-offs, Philippines electronic industry]

Moog Controls Ltd. will lay off 30% its employees from July 1, its first retrenchment since starting operations in the northern city of Baguio 25 years ago, said Labour Department assistant director Sixto Rodriguez.


 

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