Metal- and chemical-based industries operating in Misamis Oriental which have been hit hard by the global economic crisis are likely to recover next year, an official of the Philippine Veterans Investment Development Corp. (Phividec) Industrial Estate said on Monday.
Nimfa A. Albania, Phividec Industrial Authority administrator, said locators engaged in metal and chemical production at the Phividec Industrial Estate in the towns of Tagoloan and Villanueva (Misamis Oriental) have slowed output since the beginning of the year. She did not provide specific data.
“They are likely to recover early next year since they are still bracing for the recovery of the world market and they would usually have advanced planning for their strategies,” said Ms. Albania.
She also clarified that “wood-based locators are not affected and they did not report any losses because of the slowdown in the world market.”
The bulk of wood products from plants here are supplied to domestic builders and contractors, she added.
The Department of Labor and Employment office in Northern Mindanao earlier noted that the global economic crisis has affected about 2,000 workers.
It also said that many production plants here have resorted to reduced working hours.
Northern Mindanao hosts the Cagayan de Oro-Iligan industrial corridor, where dozens of large manufacturing plants operate.