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Petrochem jobs slashed
May 16, 2025
|Manila Bulletin
JG Summit Holdings Inc. (JGS), the flagship of the Gokongwei Group, is directly shouldering the debts of its petrochemicals subsidiary, which will soon be letting go of its workers due to a two-year plant shutdown and possible disposal.
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During the firm's annual stockholders' meeting, JG Summit President and Chief Executive Officer (CEO) Lance Y. Gokongwei said, “We have stopped production in our petrochemical business since January of 2025 as approved by the JG Summit board. The petrochemical plant will remain on a prolonged shutdown for at least two years.
“Given persistent challenges in the global petrochemical space, JG Summit Olefins Corp. will also implement a manpower rationalization in accordance with all applicable laws and regulations.
“In light of this, we have instituted an employee care program to aid affected individuals in this transition,” he added.
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