Ford Lays Off 30 Executives In Philippines

The Philippine branch of Ford Motor Co. (F) has fired 30 executives in a cost-cutting measure in the face of the global financial turmoil, a company official was quoted as saying Monday.

Ford Philippines group president Rick Baker was quoted in the Manila Standard newspaper as saying the job cuts, which include three vice-presidents, were equivalent of 15% 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 between PHP5 million and PHP7 million (between $102, 400 and $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 also will now share responsibilities with the Mazda affiliate, the report said.

Officials of Ford Philippines couldn’t be reached for comment.

The U.S. car company, along with General Motors Corp. and Chrysler, are pleading with Washington lawmakers for a bailout package worth billions of dollars to save them from bankruptcy.

CNN Money

Related posts:

1. Ford Pampanga named as Dealer of the Year for Customer Satisfaction
2. Ford Summer Finale Promo on its Last Few Days
3. Mazda Philippines Announces ‘Drive on Air’ Promo Winner
4. Mazda Philippines Soon to Introduce “Zoom-Zoom” Pick-up
5. Mazda Philippines Opens Seventh and Largest Dealership