Unilever to fire 10% of RP workforce

Unilever to fire 10% of RP workforce

MANILA: Unilever NV's Philippine unit said it will fire a 10th of its workforce as it shifts production of peanut butter, pasta and flavorings to more cost-effective plants abroad.

About 169 of 1,700 workers will lose their jobs, company spokesman Chito Macapagal said in a statement. The unit will also stop producing soups, instead hiring local companies to make them, Macapagal said.

"These changes are critical to securing the long-term profitable growth of the Unilever foods business in the Philippines," he said.

Investors have shunned or pulled out of the Philippines because of high labor, power and transport costs, according to groups like the Semiconductor and Electronics Industries of the Philippines Inc. -- Bloomberg