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Sunday, April 21, 2024

JG Summit inaugurates bigger petrochemical hub

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President Ferdinand Marcos Jr. and Department of Trade and Industry Secretary Alfredo Pascual expressed their full support for the inauguration of the JG Summit Petrochemicals Manufacturing Complex expansion project in Barangay Simlong, Batangas City Friday. 

The complex, valued at over P150 billion, operates as an upstream industry, supplying numerous enterprises and meeting various manufacturing needs. 

“It is an upstream industry that feeds many enterprises and supplies many other manufacturing concerns. It is among the lynchpins of our industrialization, a vital link in moving up the value chain, and guarantees the supply of a critical production ingredient,” Marcos said.

“It is directly and indirectly employing 6,200 individuals. You are a major contributor to an industry that is forecasted to enrich our economy by P215 billion next year,” he said.

The president said the impressive complex is proof of concept that the policies his administration instituted to spur investments do work on the ground.

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Pascual affirmed the president’s observation on the essential role of the petrochemical industry in driving the country’s economic growth and its importance in attaining the Philippines’ aspiration of securing the second-highest foreign direct investment in Southeast Asia by 2028. 

He said the inaugural expansion is crucial in enhancing the country’s capacity to produce essential inputs in high demand for strategic sectors such as semiconductors and electronics, electric vehicles and renewable energy.

Both President Marcos and Pascual also recognized the steadfast commitment of the JG Summit to team up with the government in strengthening local industries by bridging gaps in the supply chains, securing big-ticket investment opportunities and providing more quality jobs for the Filipino people.

JG Summit Olefins Corp. (JGSOC), a unit of JG Summit Holdings Inc., is a pioneer in the local petrochemical industry. It has the most significant petrochemical investment with a fully-integrated manufacturing complex in Batangas City.

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