MANILA — Newly-appointed Agriculture Secretary Francisco Tiu Laurel, Jr. has “divested his interests from his companies,” Malacañang said Friday.
The Palace issued the statement following concerns on conflict of interest with the new Department of Agriculture chief.“As per Sec. Laurel, he already divested his interests from his companies,” Presidential Communications Secretary Cheloy Garafil said in a text message to Malacañang reporters.Prior to his appointment, the billionaire fishing tycoon headed the Frabelle Fishing Corporation and served as chairman and president of the Agusan Power Corporation.
The President said Laurel understood the different facets of agriculture and had worked in the sector for "a very long time." Marcos said he was banking on the new DA chief to form strategies to mitigate climate change's impact on farmers and fisherfolk.