Olongapo SubicBay BatangGapo Newscenter

Friday, February 22, 2008

Retrenchment at FSC

The newly installed president of a subsidiary of the Subic Bay Metropolitan Authority has announced the retrenchment of more than half of its 721 employees.

Rex Antonio Chan, president of Freeport Service Corp., said financial difficulties and excessive number of employees are the main reasons for the workforce reduction.

Freeport Service has an outstanding obligations of more than 70 million pesos, or $1.75 million.

Chan said they will investigate and prosecute personnel involved in any irregularities, including those who have contributed to the mismanagement of the firm.

He said they are already “collecting evidence and preparing to file charges of graft and fraud against some officers and employees.” by Marianas Variety

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