Ford lays off 30 executives in Philippines

The Philippine branch of Ford Motor Co has laid off 30 executives in a cost-cutting measure in the face of the global financial turmoil, a company official was cited as saying Monday.

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 percent 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 five to seven million pesos (102,400 to 143,560 dollars) 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.