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PIA Press Release
2009/06/16

4 big firms in Cordilleras recovering from economic slump, rehiring retrenched employees

Manila (16 June) -- At least four big companies operating in the Cordillera region in northern Luzon have started to recover from the effects of the global economic slowdown, according to the Department of Labor and Employment (DOLE).

DOLE regional director Ana Dione said one of them is the Texas Instruments (TI), a foreign company producing semi-conductor products at the Loakan export processing zone.

"As a result of the improving financial status of these firms which retrenched employees since the third quarter of last year, some are now taking back former skilled workers who have not left the country and were able to be absorbed as emergency employees by government offices or private firms," she said.

Dione said some mining firms have also reported rehiring retrenched workers as early as January this year "when the prices of precious metals in the global market started to rise a bit again."

She said the DOLE has determined that the region will cushion the impact of the global recession through the emergency employment programs of cooperating private firms, the job generation programs of the local government and the availability of jobs abroad for both Filipino skilled groups and professionals. (PIA) [top]

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