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COVID-19 Impact to Fastech: What To Expect In 2021

November 09, 2020

    Like many other industries, the semiconductor industry h

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Fastech Reaffirms its Robust Production Supply Chain

June 16, 2020

    As COVID-19 spread throughout the world, its impact came

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COVID-19 Impact to Fastech: What To Expect In 2021

November 09, 2020

 

 

Like many other industries, the semiconductor industry has struggled to cope with the sudden market changes brought about by the COVID-19 pandemic. Many companies face challenges such as reduced demand and revenue, supply chain disruptions, and more stringent workforce safety requirements.

 

 

Last June, we provided an update regarding Fastech’s robust supply in the middle of COVID-19 outbreak. From March to May, Fastech was able to maintain at least 60% of its production output and significantly reduced any disruption on its shipments to customers, ensuring critical shipments went out on time. This is the result of having established the Strategic Secure Supply Sourcing or 4S even before the pandemic hit. The purpose of 4S is to ensure that at least three sources, preferably from three different countries, are available for raw materials that Fastech identified to be critical.

 

 

Furthermore, Fastech is now focusing on heading into the post-COVID era with new strengths. According to Fastech Managing Director Primo D. Mateo Jr., “[The] situation has improved significantly during the third quarter. Operations [have] become more predictable as the management, through the guidance of our health consultants, proactively put in place the necessary health and safety procedures in the workplace. This improvement will continue to the  fourth quarter of the year. In summary, in spite of COVID-19, we will close the year 2020 even slightly better than 2019,” he said.

 

 

“We continue to work closely with our customers to have a better grasp of the business for the year 2021. We believe year 2021 will be better than the year 2020 as the new business developments that Fastech have been working on in recent years and in this year 2020 have already begun to start volume production,” Mr. Mateo added.

 

 

With a deeper understanding of the market and steady leadership from its management, Fastech is determined to bounce back strongly and continue to provide highly proficient technical labor for complex engineered products.