Top carrageenan firm sets P300-M fund to retire 1,000 workers
Manila Bulletin
Wed, Mar 16, 2011 5:09 PM PHT
CEBU CITY, Cebu, Philippines - The country's top carrageenan manufacturer and exporter, Shemberg Marketing Corporation, will be setting aside as much as P300 million as an early retirement fund for some 1,000 employees.
Shemberg President and Chief Executive Officer Benson U. Dakay said the early retirement program will commence once the company transfers one of its processing plants to Indonesia.
''Moving part of our operations to Indonesia means we will be retiring about 1,000 workers,'' Dakay told reporters in a recent interview, ''although they will be given the option to transfer to another department if they decide to say on with the company.''
He assured employees who opt for early retirement though that each of them will get a package that will allow them ''to start a small business of their own.''
Shemberg employs over 2,000 people currently.
The plan to move some of the company's operations to Indonesia will be implemented once it's 18-hectare property in Pakna-an, Basak, Mandaue City, which is the current site of Shemberg's plants and offices, is sold. On the property, apart from its seaweed processing plants, stand Shemberg's food and beverage division and other family-owned companies.
Part of Shemberg's total 25-hectare land asset, the 18-hectare property is being offered to buyers, preferably those engaged in business process outsourcing, said Dakay.
At present, he said they are now formalizing negotiations for the sale of the property which he expects to generate at least P5 billion and which Dakay said he hopes to complete within the year.
