The Philippine Electric Corp. (Philec) announced it will cease business operations in its manufacturing plant in Taytay, Rizal by yearend because the site is no longer appropriate for the business.
Philec is a subsidiary of First Philippine Electric Corp., a member of the Lopez Group, and is engaged in the manufacture of distribution transformers.
“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 management and shareholders 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 whom reside in Rizal province.
Ong stressed that existing collective bargaining agreement 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 and financial investment seminars and endorse them for possible employment to 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.