First Philippines Holdings Corporation (FPH) and Nexolon teamed up to produce wafers just over a year ago, but the South Korean company has been looking to renegotiate the terms of its outsourcing contract for several months following the collapse in global prices.

The joint venture, known as First Philec Nexolon Corporation (FPNC), is 70% owned by First PV Ventures (FPV), a subsidiary of manufacturing firm First Philippine Electric, which is in turn owned by FPH.