Philec bares decision to close by yearend

MANILA, Philippines - The Philippine Electric Corp. (Philec) announced yesterday it would cease operations in its manufacturing plant in Taytay, Rizal by yearend because the site was 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,” said Philec president Ariel Ong. “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.

Ong stressed that 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 assures that all delivery commitments will be met and that their usual high service levels will be maintained. Philec also assures its suppliers and customers that all pending obligations and commitments will be honored and fulfilled.

Philec is a subsidiary of First Philippine Electric Corporation, a member of the Lopez Group, and is engaged in the manufacturing and distribution of transformers.