Malacañang says that Honda Cars Philippines’s decision to shut down its assembly will just have a “minimal impact” on the Philippine economy.

Presidential Spokesperson Salvador Panelo expressed confidence that the country’s robust economy will not slow down due to HCPI’s decision to close its production plant starting in March.

Despite the latest development, there are still some foreign companies that are investing in the country, Panelo stressed.

“Siguro, minimal lang yun. Ang dami namang kumpanyang pumapasok [Perhaps, the economic impact is just minimal. There are many foreign companies that are coming in],” he said in an interview with AM radio station, dziQ.

Around 387 people will lose their jobs over the closure of HCPI’s production plant. This figure comes from labor group Defend Job Philippines which was quoted by the Philippine News Agency.

Panelo said Honda workers who will be left displaced can apply to the government through its infrastructure projects under the “Build, Build, Build” program.

“They have to look for another job. Kaya nga may mga ‘Build, Build, Build’ projects, para ‘yung ibang mga nadi-displace, makakapasok sila ng trabaho [That’s why we have ‘Build, Build, Build’ projects, so we can help those displaced workers to find a new job],” he said.

For HCPI’s part, spokesperson Atty. Louie Soriano assures that all those affected by the closure will be given separation packages that is “more than what the law provides.”