President Ferdinand “Bongbong” Marcos Jr. (left) and newly appointed Agriculture Secretary Francisco Tiu Laurel Jr. (right) speak to members of the media during a press conference in Malacañang grounds in Manila on Friday, November 3, 2023. (Photo from INQUIRER.net/Ryan Leagogo)
MANILA, Philippines — Newly installed Department of Agriculture (DA) Secretary Francisco Tiu Laurel Jr. has divested himself of his businesses, Presidential Communications Office (PCO) Secretary Cheloy Garafil said on Friday.
Before the appointment, Laurel was President of Frabelle Fishing Corporation, a fishing company based in Manila.
He has just taken his oath in Malacañang.
“As per Sec. Laurel, he already divested his interests from his companies,” Garafil told INQUIRER.net in a Viber message.
According to the Code of Conduct and Ethical Standards for Public Officials and Employees, employees must not have conflicts of interest.
READ: Senate to Tiu Laurel: Fix DA’s problem as it has become ‘Dept of Importation’
“’Conflict of interest’ arises when a public official or employee is a member of a board, an officer, or a substantial stockholder of a private corporation or owner or has a substantial interest in a business, and the interest of such corporation or business, or his rights or duties therein, may be opposed to or affected by the faithful performance of official duty,” stated the Code.
This law is further upheld by Administrative Order No. 1, series of 1992, which required all members of the Cabinet to divest their roles in private offices and corporations should a conflict of interest arise.
Aside from heading Frabelle Fishing Corporation, Laurel held positions in Gravelle Shipyard Corporation, Frabelle Properties Corporation, Markham Resources Corporation, Bacoor Seafront Development Corporation, and Bukidnon Hydro Energy Corporation, according to Palace.