MANILA – The Philippine branch of Ford Motor has laid off 30 executives in a cost-cutting measure in the face of the global financial turmoil, a company official said yesterday.
Ford Philippines group president Rick Baker was quoted in the Manila Standard newspaper as saying the lay-offs, which include three vice-presidents, were equivalent to 15 per cent of the company’s corporate workforce in the Philippines.
The move affects both Ford Philippines and its affiliate, Mazda Philippines, the newspaper said.
Ford and Mazda will save 5 million pesos to 7 million pesos (US$102 400 to US$143 560) a year through the retrenchment, said Baker.
‘We are implementing this realignment to have a much leaner and efficient workforce,’ Baker was quoted as saying.
Executives of Ford Philippines will now also share responsibilities with the Mazda affiliate, the report said.
Officials of Ford Philippines could not be contacted for comment.
The US car giant, along with General Motors and Chrysler, are pleading with Washington legislators for a bailout package worth billions of dollars to save them from bankruptcy. – Nampa-AFP
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