By PHILIPPINE DAILY INQUIRER
ASIA NEWS NETWORK
Founded in 1957 by John Gokongwei, it 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 was bigger than the 41.9 billion pesos spent last year, said JG Summit President Lance Gokongwei in an annual meeting of shareholders in June.
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 Southeast Asia. The group also runs Robinsons Retail Holdings, one of the largest retailers in the Philippines.