MANILA • JG Summit Holdings, a leading conglomerate founded in 1957 by Mr John Gokongwei, has been continuing its expansion spree in Asean and beyond.
The group budgeted 48.2 billion pesos (S$1.3 billion) for capital spending this year to expand its pioneering petrochemical business.
This - JG Summit president Lance Gokongwei reported to shareholders at an annual meeting in June - was bigger than the 41.9 billion pesos spent last year.
Earlier this month, a unit of the conglomerate set up a financial technology venture that offers a digital credit marketplace for Filipinos with urgent funding needs, including payments for tuition, unexpected medical expenses or even small-business financing.
JG Summit's unit, Express Holdings Inc, inked an exclusive partnership with Greater China-based Oriente to create a peer-to-peer lending solution for "under-banked" consumers.
A few months ago, JG Summit Holdings gained a foothold in regional e-commerce after investing in Singapore-based Sea Limited, an Internet platform company focused on markets in South-east Asia. The group behind Cebu Air also runs Robinsons Retail Holdings, one of the largest retailers in the Philippines.
PHILIPPINE DAILY INQUIRER/ASIA NEWS NETWORK