P.M. BRIEFING : Ford Cancels Philippines Plant
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MANILA — Ford Motor Co. has canceled plans to build a $150-million car stereo plant in the Philippines because of fears about political stability and security, a top Philippines government official said today.
Trade and Industry Secretary Jose Concepcion said Ford has changed its mind about a plan to construct the plant in the Philippines and is considering Indonesia for a new site.
Concepcion, who returned over the weekend from a trip to the United States and Canada, said potential investors were worried about security in the Philippines. “They expressed concern about political stability here,” he said.
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