MANILA - NISSAN Motor Philippines has cut its workforce by 15 per cent and reduced its work week from six to five days due to the deepening global financial crisis, it was reported on Thursday.

The Philippine unit of Japan's Nissan Motor Co has also restricted overseas trips for its executives, the Manila Standard Today newspaper said, quoting Raymond Tribdino, Nissan's local sales and marketing manager.

He told the paper that 50 of the 340-strong workforce had accepted a voluntary retirement package effective Feb 15.

'Most of the 50 retiring employees are office-based, and two of them are senior managers from the manufacturing and engineering departments,' Mr Tribdino told the paper.

He said the company had also cut its work week from six to five days and cut all overtime.

Japan's third-largest car maker is expected to report a net loss of US$2.9 billion(S$4.35 billion) for the fiscal year to March, its first loss in a decade.

The company announced recently that it was cutting 20,000 jobs or 8.5 per cent of its global workforce. -- AFP