MALACANANG said that the newly-appointed Agriculture Secretary Francisco Tiu Laurel, Jr. had already “divested his interests from his companies,” before assuming his post. Presidential Communications Secretary Cheloy Garafil issued the statement after several critics floated concerns on conflict of interest with the new Department of Agriculture (DA) chief. “As per Sec. Laurel, he already divested his interests from his companies,” Garafil said. Before becoming agriculture secretary, Laurel, a billionaire fishing tycoon, headed the Frabelle Fishing Corporation and served as chairman and president of the Agusan Power Corporation. He also served as the president of the Frabelle Shipyard Corporation, chairman of Westpac Meat Processing Corporation, director of Frabelle Properties Corporation, president of Markham Resources Corporation, chairman of Diamond Export Corporation, president of Bacoor Seafront Development Corporation, and chairman/president of Bukidnon Hydro Energy Corporation. President Ferdinand R. Marcos Jr. said that Laurel understood the different facets of agriculture and had worked in the sector for "a very long time." Marcos said he was banking on the new DA chief to form strategies to mitigate climate change's impact on farmers and fisherfolk.