Due to the global financial crisis, there are lots of company here and abroad do minimize their manpower and expenditures. Thus, resulting to mass-layoff, forced manpower resignation and to the worst, total company shutdown or closure.
Province of Cavite is not exempted here. Cavite, as we all know, do have many business establishments, corporations and companies. Among and one of the biggest of them is the CEPZA.
EPZA Cavite is a big compound of many companies engaging from garments, electronics up to house construction and planning. I used to work there as an office staff at a house planning company before. Each company located at the compound do have many workers and staffs, wherein, their families are being fed and sheltered by their employment salary at CEPZA.
But due to the global financial crisis, CEPZA is now facing the kind of problem that other institution or establishments are now experiencing.
CEPZA work status news
1000 workers retrenched at EPZA Cavite
Group Reports layoff in Cavite
Other companies in Cavite (as well as their employees) are also hit by this crisis. One big example is Intel located at Manggahan Cavite. Intel Cavite closes their company only this year. Arlita Narag, Intel Technology Philippines Inc. corporate affairs head told the reporters that the closure is because of the huge economic crisis we are now facing. They will be going to continue their business at China.
Intel plant closure not a vote vs. Philippines
Bye Intel Cavite
Intel Cavite plant closure sparks talk of RP pullout
As of this writing, Cavite is standing still and facing bravely this kind of crisis. Cavitenios are always positive that when something closes, another one will open.
Update: According to a news article of Philstar, the Town of Cavite will loose 50M revenues in Intel closure.
General Trias town administrator Hernando Granados said Intel's operation will definitely affect the income of the municipality. "I can say that it will affect the income of General Trias but instead of sulking, we would rather look for alternatives," Granados said in a telephone interview.
He noted that the Intel facility is one of the top revenue generators of the town, which has been awarded by a business group as one of the most business friendly local government units in 2007.
Though the local government has yet to receive official notice of closure, Granados said he has been hearing reports that the company is closing. He disclosed that one of the reasons for the closure was high electricity cost, which company officials have been complaining about since last year.
Intel has released a statement early this morning confirming earlier reports of closure. It said it plans to "restructure some of its manufacturing operations and align its manufacturing capacity to current market conditions."
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