PMFTC Inc. has announced to its employees a decision to restructure the cigarette manufacturing operations of its Marikina plant, resulting in the reduction of around 640 permanent employee positions.
The production volume in Marikina has been impacted by the market conditions over the last two years.
"This was a very difficult decision to make but in order to maintain a viable operation and to safeguard the future of our business in Marikina, it was necessary to take this step.
"We always treat our employees with the utmost respect, and all affected employees were given very generous separation packages, well in excess of legal requirements," said Paul Riley, PMFTC Inc. President.
In 2013, PMFTC Inc. paid more than 73 billion peso in taxes and duties to the Government. It contracts over 50,000 farmers and last year purchased over 16 million kilos of Philippine Tobacco. It works with more than 1,000 Philippine suppliers and continues to support community programs such as livelihood cooperatives, environmental protection and disaster relief.
PMFTC Inc. will continue to offer highly competitive salary and conditions for all our employees, as a committed long term investor, employer and major taxpayer in the Philippines.