Coca-Cola FEMSA Philippines Inc. will reduce its workforce, because of “recent developments within the beverage industry and the business landscape as a whole.”
“The Coca-Cola System is undergoing an organizational structure assessment,” the company said in a statement on Tuesday night.
“This involved a comprehensive review of the roles and responsibilities within Coca-Cola FEMSA,” it added.
The company, however, declined to say how many employees would be laid off.
“This restructuring has been very difficult. It was carried out only after an exhaustive and conscientious assessment of the evolving regulatory environment, our operational efficiency, and consequent performance in the market,” Coca-Cola said.
It would help those affected by the restructuring, it added.
“Rest assured, we will treat the people who will be affected with dignity, fairness, and respect throughout this process,” the company said.
“Everyone will be given career-transition support, as well as separation packages that go beyond what is mandated by law,” it added.
The announcement came after the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Act on January 1.
Under the measure, a P12 and P6 per liter tax were imposed on drinks using high fructose corn syrup and caloric and noncaloric sweeteners, respectively.