US automaker Ford will close its plant in the Philippines next year, the company said Wednesday.

The Sta. Rosa plant in Laguna province will no longer assemble Ford cars due to a "small supply base and lack of economies of scale", it said.

The company, however, assured the customers it will not have an impact on the price and availability of Ford cars. The shutdown will affect only about 250 employees, Xinhua reported.

The plant started its operations in 1999 and produced models such Ford Lynx, Ford Ranger, Ford Escape and Mazda Tribute.