Philippines: Panasonic to close plant.

This is from Reuters. This is just another sign that the global downturn is impacting the Philippines.


UPDATE 1-Panasonic likely to post loss, close plants-Nikkei
Tue Jan 27, 2009 11:45pm GMT




TOKYO, Jan 28 (Reuters) - Panasonic Corp (6752.T) is likely to report an annual net loss of about 100 billion yen ($1.1 billion) on restructuring charges, weak demand for consumer electronics and the effects of the strong yen, a newspaper said.
It would be the first net loss in six years for the company, formerly known as Matsushita Electric Industrial Co Ltd.
Panasonic also plans to close three plants, including two of its three plants that make electronics parts in Malaysia, the Nikkei business daily said without citing sources. The third plant to be closed is in the Philippines, the Nikkei said.

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