PSE Circular for Brokers No. 577-98
PSE Circular for Brokers No. 577-98 • Philippine Stock Exchange • Circulars for Brokers • Apr 2, 1998
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April 2, 1998 PSE CIRCULAR FOR BROKERS NO. 577-98 April 1, 1998 Philippine Stock Exchange Listings and Disclosures Group PSE Center, Exchange Road Ortigas Center, Pasig City Attention : Ms . Luisa W . Buenventura Analyst, Listings & Disclosures Group Dear Ms. Buenaventura : We inform you that the Company has been forced to adopt a retrenchment program because of the prevailing economic crisis which had affected its operations and viability. Pursuant to the program, we advise you that we are submitting a notice today (April 1), to the Regional Director (National Capital Region), Department of Labor and Employment, that it is terminating several of its casual and contractual employees effective March 31, 1998. The termination is made in accordance with Article 283 of the Labor Code, and the affected employees will be paid the respective benefits in accordance with law. Attached is a copy of a press statement which the company intends to issue within the next couple of days. Thank you very much. Very truly yours, (SGD.) JUAN ORENDAIN P. BUTED Assistant Corporate Secretary
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