Skip to content
  • About Us
  • Contact Us
  • RSS
Facebook Twitter Instagram
#image_title
BILYONARYO.COM
Search
  • Home
  • Business
  • Money and Trade
  • Social
  • Brand News
  • Video
  • Power
  • Property
  • Travel
  • Technology
  • Health
  • Lifestyle
  • Food & Nature
  • Fine Works
  • Golf
Menu
  • Home
  • Business
  • Money and Trade
  • Social
  • Brand News
  • Video
  • Power
  • Property
  • Travel
  • Technology
  • Health
  • Lifestyle
  • Food & Nature
  • Fine Works
  • Golf
Popular Tags Today:
↑ Ariel Fermin, Concepcion Industrial Corp. (CIC), Jojo Concepcion | AirAsia | Philippine National Bank (PNB) , Lucio Tan , Chairman Emeritus | Ramon Ang, Pasig River | National Economic and Development Authority (NEDA), rice tariffs | --- Exciting Announcement: Usapang Bilyonaryo Season 2 on CNN Commences this July 2023 | RLC RESIDENCES YOUR BEST LIFE IS YET TO COME
  • Home
  • Business
  • Brand News
  • Social
  • Video
  • Money and Trade
  • Property
  • Technology
  • Travel
  • Health
  • Lifestyle
  • Food & Nature
  • Fine Works
  • Golf
  • RSS
Menu
  • Home
  • Business
  • Brand News
  • Social
  • Video
  • Money and Trade
  • Property
  • Technology
  • Travel
  • Health
  • Lifestyle
  • Food & Nature
  • Fine Works
  • Golf
  • RSS

Bilyonaryo - Business

The end of Lance Gokongwei’s P9.4B nightmare? JG gets protection from plastic imports in first 3 years of Marcos administration

  • October 14, 2022
  • Bilyonaryo.com

After piling up a cumulative P9.4 billion losses in the last two and a half years, ultra bilyonaryo Lance Gokongwei’s petrochemical business is expected to get a much needed boost from President Bongbong Marcos.

Gokongwei has finally obtained the tariff shield JG Summit Olefins Corp. (JGSOC) needed to keep up with rival imports after getting shunned by the Duterte administration.

The Department of Trade and Industry slapped a three-year safeguard duty on imports of high density polyethylene pellets (HDPE) pellets and granules to protect JGSOC from the flood of cheap imports.

JG Olefins, the country’s only producer of HDPE, lost P5.2 billion in the first half this year after piling up losses of P2.1 billion in 2021 and P2 billion in 2020.

It blamed higher naphtha costs (up 55 percent year on year to $847 per metric ton in 2022). higher interest expense and foreign exchange loss due to the depreciation of the peso.

The company shut down its plant since the last week of May 2022 due to high customer inventories and weak overall demand both locally and overseas.

“As with several petrochemical companies in the region, bearish margins have prompted a number of manufacturers to similarly cut output or progress maintenance shutdowns in an effort to manage inventory levels. Plant operations are planned to resume within the third quarter of 2022, as customer inventories start to thin out, but the company remains cautious as commodity prices continue to be weak with the global recession sentiment,” JG Olefins said.

JG Olefins petitioned the DTI for a safeguard duty last year, citing the rising share of HDPE imports from Malaysia, Thailand, Singapore, and Indonesia in the domestic market from 36 percent in 2015 to as high as 67 percent in 2019.

Based on the recommendation of the Tariff Commission, the safeguard duty of P1,338 per MT in the first year, P1,271 per MT in the second year, and P1,208 per MT in the third year were imposed due to a spike in HDPE imports in 2021 which it believed showed “a high likelihood that substantially increased imports will continue into the near future.”

HDPE is used in making food and beverage containers, cleaning product bottles, pipes, cutting boards and some shoe parts.

ALSO READ:

Nagkasabay lang? Bongbong sandwiched between Gokongwei boys during GMA birthday bash at La Vista

Business bigwigs show all out support for BBM

Bilyonaryos spotted at President Bongbong Marcos’ inaugural dinner

  • Related News Tags: Department of Trade and Industry, JG Summit Holdings Inc., Lance Gokongwei, plastic imports, President Bongbong Marcos

Follow Bilyonaryo BUSINESS on Google News

PrevPreviousConsumer group asks BBM to resolve ‘anomalous situation’ in power sector, cites sky high rates being charged by ECs
NextPH ain’t powerless: Winnie Monsod tells what Sandro Marcos got wrong about peso’s weaknessNext

You may also like

Watch more Usapang Bilyonaryo

Puro pahirap alam! Agri groups ask Marcos: Sack Diokno, Balisacan

Baka may sparkle? Felipe Gozon’s GMA draws flak for using AI broadcasters: Number one network sa cost cutting!

Wick Veloso the disruptor: GSIS’ shock Metro Pacific purchase forces Ty-blings to snap up P4.3B shares in open market, foils MVP and Mitsui’s plan to hit share purchase target

Philippines’ budget deficit jumps to P133 billion

Filipino consumer confidence on the rise as holiday season nears

Puro pahirap alam! Agri groups ask Marcos: Sack Diokno, Balisacan

Baka may sparkle? Felipe Gozon’s GMA draws flak for using AI broadcasters: Number one network sa cost cutting!

Wick Veloso the disruptor: GSIS’ shock Metro Pacific purchase forces Ty-blings to snap up P4.3B shares in open market, foils MVP and Mitsui’s plan to hit share purchase target

Philippines’ budget deficit jumps to P133 billion

Filipino consumer confidence on the rise as holiday season nears

BSP survey: Filipino business confidence dips in Q3, but Ber months bring hope

Poised for strong year-end performance: Ayala Corp closing in on P31 billion pre-COVID earnings goal

Competition Commission looking into Gokongwei-South Star Drug’s acquisition of Rose Pharmacy

Marcos graces opening of Unilever’s Cavite factory

Read more Business stories

Recommended from sister websites

→ Abogado
Look: Justice Hernando passes ‘torch’ to next year’s Bar chairperson as 2023 Bar exams conclude
→ Abogado
ASEAN chief justices unite vs trafficking in historic collaboration
→ Politiko
No Pinoys Allowed: China Puts Up Floating Barriers In West PH Sea- PCG
→ Politiko
Techie Kasi! Grace Poe Tells Youth: Lead Fight Vs Cybercrime
→ Bankero
Land Bank empowers rice farmers with P2.2 billion in loans
Power

Fueling the future: PNOC-EC invests P2 billion in Malampaya gas operations

Government-owned PNOC Exploration Corp. (PNOC-EC) is looking to spend about P2 billion for the Malampaya gas project’s operations in 2024, including drilling for new wells as it projects an 80 percent success rate.

Money

Investment opportunity: Retail Dollar Bonds 2 set to debut on September 26

Finance Secretary Benjamin Diokno said that the planned retail dollar bond (RDB) offering will finally push through this week.

Business

Baka may sparkle? Felipe Gozon’s GMA draws flak for using AI broadcasters: Number one network sa cost cutting!

GMA Network’s trailblazing move to tap artificial intelligence (AI)-powered broadcasters drew more jeers than cheers on social media, with netizens seeing it more as a cost-cutting strategy.

Property

DMCI’s Solmera Coast reservations exceed P5.6 billion in just over a month

The Consunji family’s debut in the leisure property market is off to a blazing start, as reservation sales for their project in San Juan, Batangas have already soared.

Latest on Bilyonaryo

Puro pahirap alam! Agri groups ask Marcos: Sack Diokno, Balisacan

Read More »

Baka may sparkle? Felipe Gozon’s GMA draws flak for using AI broadcasters: Number one network sa cost cutting!

Read More »

Filipino households adapt savings habits amid recovery – BSP

Read More »

Wick Veloso the disruptor: GSIS’ shock Metro Pacific purchase forces Ty-blings to snap up P4.3B shares in open market, foils MVP and Mitsui’s plan to hit share purchase target

Read More »

Philippines’ budget deficit jumps to P133 billion

Read More »

Investment opportunity: Retail Dollar Bonds 2 set to debut on September 26

Read More »
Back to Bilyonaryo.com homepage

Exclusive!

From copycats to inspiration: Iloilo City’s sustainability journey

July 22, 2023

Iloilo City, already establishing itself as a prime example of a green city, continues to push forward.

Read More »

Advertisement

Bilyonaryo Premium Ad 1
Bilyonaryo Premium Ad 2
Bilyonaryo Premium Ad 3
Bilyonaryo Premium Ad 4
Bilyonaryo Premium Ad 5

Trending on
Business

GOLD
Wick Veloso the disruptor: GSIS’ shock Metro Pacific purchase forces Ty-blings to snap up P4.3B shares in open market, foils MVP and Mitsui’s plan to hit share purchase target

Competition Commission looking into Gokongwei-South Star Drug’s acquisition of Rose Pharmacy

Marcos graces opening of Unilever’s Cavite factory

PLATINUM
Magagalit daw kasi Ginebra fans: RSA thinks San Miguel’s P1 billion PBA budget will feed and put to school a lot of Filipinos

Utang pa more! Dennis Uy secures massive $3.9 billion financing deal to reduce debt and fuel telco expansion

Power behind the race: Bongbong Marcos’s Ferrari F1 garage adventure is said to be courtesy of longtime friend, Malaysian billionaire Ong Beng Seng

TITANIUM
Jimmy Bautista paasa sa plastic cards! LTO extends validity of expired driver’s licenses until April 2024

Is GMA losing its sparkle? Felipe Gozon’s sub-channel GTV falls to third place as TV5 takes over second spot

Budol shopping! Irate customers call out Lucio Co’s Puregold for overcharging and misleading receipts

Read more Business stories

Trending on
Bilyonaryo

Business News

Wick Veloso the disruptor: GSIS’ shock Metro Pacific purchase forces Ty-blings to snap up P4.3B shares in open market, foils MVP and Mitsui’s plan to hit share purchase target

Social Fancy News

‘My ex is attempting to bankrupt me’: Maggie Wilson faces new challenges

Money & Trade News

New Thai PM meets Musk, US tech chiefs in investment push

Technology News

Tokyo Game Show back with a bang

Power News

Ayala-led ACEN invests in Laguna Lake solar initiatives through SPVs

Property News

Outcry stops building in ‘world’s largest greenbelt’ around Toronto

Lifestyle News

Why Chot Reyes loves Thom Browne: Get to know US luxury brand’s athletic history

Food & Nature News

‘Di na fresh! J. Co discourages buying from resellers

Health News

Philippine smog prompts health warnings, school closures

Travel News

NAIA soars to 15th place in global airport rankings for international connectivity

Golf News

Taiwan golf ball factory fire kills at least six

Back to Bilyonaryo home page

Trending on
Bilyonaryo

Business News

• Wick Veloso the disruptor: GSIS’ shock Metro Pacific purchase forces Ty-blings to snap up P4.3B shares in open market, foils MVP and Mitsui’s plan to hit share purchase target

• Competition Commission looking into Gokongwei-South Star Drug’s acquisition of Rose Pharmacy

Social Fancy News

• ‘My ex is attempting to bankrupt me’: Maggie Wilson faces new challenges

• From host to Stress Drilon: Ces’ versatility shines in new Coco ad

Money News

• New Thai PM meets Musk, US tech chiefs in investment push

• Tracking efficiency: Government achieves 93% cash utilization rate as of August

Technology News

• Tokyo Game Show back with a bang

• Microsoft nears takeover of ‘Call of Duty’ maker Activision

Power News

• Ayala-led ACEN invests in Laguna Lake solar initiatives through SPVs

• Major Indonesia coal plant back near capacity despite pollution concerns

Property News

• Outcry stops building in ‘world’s largest greenbelt’ around Toronto

• US farmers, tech tycoons square off over plans for utopian city

Lifestyle News

• Why Chot Reyes loves Thom Browne: Get to know US luxury brand’s athletic history

• Free pass until October 29: Check out ‘Mindscapes’ exhibition at Ayala Museum

Food & Nature News

• ‘Di na fresh! J. Co discourages buying from resellers

• Red Sea corals threatened by mystery sea urchin deaths

Health News

• Philippine smog prompts health warnings, school closures

• New diabetes drug better for weight loss than Ozempic: research

Travel News

• NAIA soars to 15th place in global airport rankings for international connectivity

• Upgrading travel: Laguindingan Airport’s new passenger terminal building in sight for 2024

Golf News

• Taiwan golf ball factory fire kills at least six

• Europe rally against USA to leave Solheim Cup perfectly poised

Back to Bilyonaryo home page

Copyright © 2022. Bilyonaryo. All Rights Reserved.
  • Home
  • Business
  • Brand News
  • Social
  • Video
  • Money and Trade
  • Property
  • Technology
  • Travel
  • Health
  • Lifestyle
  • Food & Nature
  • Fine Works
  • Golf
  • RSS
Menu
  • Home
  • Business
  • Brand News
  • Social
  • Video
  • Money and Trade
  • Property
  • Technology
  • Travel
  • Health
  • Lifestyle
  • Food & Nature
  • Fine Works
  • Golf
  • RSS