Textile firms tap into bailout package

Monday, March 22, 2010

Players in the textile industry were last week cobbling together formal applications to access the P38-million bailout the government is extending to the troubled sector over a two-year period.

A committee has been established in the Ministry of Trade and Industry's Industrial Affairs Department to vet an anticipated deluge of applications from an industry among the hardest hit by the recession last year.

Workers estimated in their thousands lost their jobs as many companies in the textile sector went to the wall last year.

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