The decision will leave the country without a motor vehicle exporter, Ford Group Philippines president Randy Krieger said in a statement.
"This is a very difficult decision. The company studied every possible scenario and opportunity, but we could not make a strong enough business case for future manufacturing," he added.
The company said it had exported more than 80,000 vehicles worth $1 billion over to Thailand, Malaysia and Indonesia since 2002.
Ford invested $270 million in the 36,000 vehicles per year factory in Santa Rosa, south of Manila that opened in 1999.
Source: AFP
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