Lopez-owned transformer firm to close Taytay plant
A manufacturer of electric transformers announced on Friday it would cease operations in its manufacturing plant in Taytay, Rizal, by yearend because the site is no longer appropriate for the business.
“It was very hard for us to arrive at this decision but it is one that simply had to be made,” Ariel Ong, president of the Philippine Electric Corporation (Philec), said in a press statement. “Our foremost consideration now is to fulfill our obligations to our employees, customers, suppliers and the local community.”
“The company would like to thank our dedicated employees, loyal customers and all our valued partners for their contribution and support over the years. We look forward to renewing relationships through other member companies of the Lopez group,” Ong said.
Philec employs 104 workers, most of them residing in Rizal province, and is a subsidiary of the First Philippine Electric Corporation, a member of the Lopez Group, and is engaged in the manufacturing of distribution transformers.
Ong said the existing CBA provisions shall be applied in determining employees’ severance packages and that all obligations and commitments including government statutory requirements will be complied with.
“We will give our employees a minimum of two months’ salary for every year of service. We will also provide them with livelihood skills training, financial investment seminars and endorse them for possible employment in other companies through our industry networks,” Ong said.
The company assured customers and suppliers that all delivery commitments would be met and that all pending obligations and commitments would be honored.