Whatever happened to the Transfarm-Daewoo venture?

CEBU CITY - The devaluation of the peso resulting from the regional financial crisis partly caused the falling out of Transfarm & Co., Inc. and its business partner, Daewoo Corp. of South Korea.

Norkis Group chairman Norberto Quisumbing, Jr. said the depreciation of the peso to around P40 to a dollar from P26 at the height of the crisis created technical excess on a dollar loan extended by Daewoo to the joint-venture company formed with Transfarm.

Transfarm and Daewoo inked a joint-venture agreement in April 1994 and formed TransDaewoo Automotive Manufacturing Co., Inc. for the manufacture and distribution of Daewoo cars in the country. The company is 70% …