Foreign firms cutting jobs in the Philippines

Honda Cars has joined other international companies that have reduced operations and trimmed jobs in the Philippines. The Japanese manufacturing company, which operates a 28-year-old production plant in the country, announced that it would close down next month. The decision is expected to affect hundreds of workers at its car factory in Laguna.

The government, however, has played down the economic impact of the Japanese carmaker’s decision to close the plant. Recently, Nokia announced shutting down its technology center in the Philippines, leaving 700 workers jobless. Wells Fargo also moved its IT and business processing work to India at the cost of 700 employees.

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