PHILEX Mining Corp. has reached a settlement with the Philex Padcal Rank-and-File Union to resolve a labor dispute, with the union agreeing to immediately lift its strike following the signing of an agreement on Wednesday.
In a disclosure to the stock exchange on Thursday, the listed mining company said the settlement was reached during a conciliation-mediation conference facilitated by the National Conciliation and Mediation Board in the Cordillera Administrative Region (NCMB-CAR).
“The settlement agreement provided that both the company and the Union mutually agree to settle amicably for the conclusion of their Collective Bargaining Agreement (CBA) covering the period 02 January 2025 to 01 January 2030,” Philex said.
“Upon the signing of the settlement agreement, the Union shall immediately lift the strike,” it added.
The settlement also provides that neither party will take retaliatory action against the other in connection with the labor dispute.
Under the agreed schedule, the NCMB-CAR was set to present the settlement agreement at the union’s general assembly on Oct. 15.
Philex management is expected to prepare an initial draft of the CBA by Oct. 19 for the union’s review.
The union is scheduled to complete its review and submit proposed revisions by Oct. 21. Both parties will also meet to establish grievance procedures under the agreement.
The company and the union are scheduled to sign the finalized CBA on Oct. 26, with ratification by union members set for Oct. 30.
Philex is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Metro Pacific Investments Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls.
At the local bourse on Thursday, Philex shares declined by 0.75% to P10.52 apiece. — Alexandria Grace C. Magno