Due to the current circumstances and COVID-19 running about in the Philippines, YGC’s House of Investments (HI) has announced in a letter to the Philippine Stock Exchange (PSE) that it will be officially closing down these dealerships:
- Honda Cars Marikina
- Honda Cars Marcos Highway
- Honda Cars Kalookan
- Honda Cars Fairview
After conducting a careful and thorough assessment of its automotive arm, the company had decided to close these dealerships in the interest of overall efficiency. Subsequently, employees under these dealerships will enter into a redundancy program.
HI’s other dealerships in its portfolio include Honda Cars in Quezon Avenue and Manila. For the company’s Isuzu branches, there is Isuzu Manila, Commonwealth, and Leyte.
The Corona Virus has affected the industry, and growing worries of contracting the virus have led companies to reconsider their strategies moving forward. Foot traffic has significantly decreased in dealerships, and the volume of sales took a hit, and the industry is slowly recovering from all of the problems that COVID-19 has caused.
The Yuchengco Group has been operating in the Philippines with Honda and Isuzu for quite some time now, with its oldest Honda dealership, Honda Cars Quezon City, started its operations in the year 1991. Thankfully, that dealership is still with us today. Sadly, the youngest of YGC’s dealers, Honda Cars Marcos Highway, will be closing after the assessments were made.
Regarding further actions to be taken by the company, there appears to be a plan for the employees affected by these shutdowns, with a redundancy program underway.