Clark Field, Jan. 8, 1998 - Ener Lumanlan, president of the Chamber of Clark Duty Free Stores, has called for a meeting of all Chamber members today to discuss serious effects on the members of the peso's continuing decline against the US dollar.
Several duty free shops within the Clark Special Economic Zone have shut down because of the currency crisis.
Affected employees said the owners have declared bankruptcy after suffering heavy losses caused by the continuing decline of the value of the peso against the US dollar.
The Oriental Duty Free Shop, for example, was forced to lay off employees from its western section department.
Clark has at least 19 duty free stores where shoppers are required to pay for their purchases in US dollars. The Clark Development Corporation noted that the items on display for Christmas have yet to be sold, prompting store owners to resort to a buy-one, take-one sales gimmick.
Reported by: Sol Jose Vanzi
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