Shares of the Manuel V. Pangilinan-led miner were trading higher on Monday, even as the labor dispute entered its second day and the company moved to reassure investors that production remained on track.
As of this writing, Philex shares were trading at P11.02, up 1.67 percent higher than its closing price on Friday.
In a regularly filing on Monday, Philex said 35 percent of its workforce was absent on Oct. 11, although not all were confirmed to have joined the strike, which began Sunday and continued into Monday.
Keeping production moving
The company said initial reports showed mining and processing output remained near normal levels after it introduced two extended shifts and deployed managers, supervisors and employees who chose not to join the work stoppage.
Philex also disputed reports that around 400 workers had walked out, saying fewer than 100 people were recorded at picket lines on Sunday and Monday morning.
It denied issuing instructions prohibiting employees from joining the strike, saying it respected workers’ rights to organize and bargain collectively.
Talks underway
The Department of Labor and Employment has called Philex management and union representatives to a conciliation meeting in Manila on Oct. 12, seeking to resolve the wage dispute.
Philex said it would maintain operations at Padcal while continuing negotiations, with the final production figures for Sunday still being compiled.
—Edited by Miguel R. Camus
