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Ford Motor reportedly lays off 30 executives in Philippines - Quick Facts

12/8/2008 5:19 AM ET

Ford Motor Co. (F) has laid off 30 executives in a cost-cutting measure in the face of worldwide financial turmoil, according to reports citing a company official. Ford Philippines group president, Rick Baker, reportedly commented that the lay-offs, which include three vice-presidents, were equivalent to 15% of the company's corporate workforce in the Philippines. The move affects both Ford Philippines and its affiliate Mazda Philippines, the reports added. Further, the reports noted that Ford and Mazda would save five million pesos-seven million pesos, or $102,400-$143,560, a year through the retrenchment.

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