... With the emergence of... COVID-19, our business and that of our buyers/customers worldwide have been gravely affected considering that our products are classified as non-essential and luxury items. We have come to a point to make an extremely difficult and inevitable decision to implement a retrenchment program in order to keep our companies operational and afloat so it can survive...

[It] bears a heavy burden on us to implement a retrenchment program affecting 4420 of our workers... our companies have notified and sought the guidance of the Department of Labor & Employment (DOLE) and PEZA. All our workers were informed as early as August 2020... Another orientation was also conducted September 4, 2020 for those affected workers on the specific retrenchment criteria used and the final pay computation that they will receive. Separation pay was given to all affected workers in accordance with the law...

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