The support of a business tycoon is a big thing.
On Thu, Jun 9, Lance Gokongwei — president of JG Summit Holdings — expressed support for incoming President Rodrigo Duterte and incoming Department of Finance (DOF) chief Sonny Dominguez.
Gokongwei was quoted as saying, “President-elect Duterte has a real mandate from the people and a real love for the people and the Philippines. JG Summit will support him. His finance secretary [Sonny Dominguez] is trustworthy, competent and recognized by the business community.”
“Rumors earlier swirled that Duterte offered the DOF post to Gokongwei. The businessman neither denied nor confirmed the rumored offer,” reports Warren de Guzman on ABS-CBNnews.com.
The report noted: “Gokongwei said JG Summit will continue to invest in the Philippines by expanding its manufacturing base in the country It will start a three-year expansion plan for its petrochemical business to raise its capacity from 320,000 tons per year to 500,000 tons. The cost will be US$500 million to US$600 million to be sourced from internally generated funds and borrowings.”
