According to New DA chief Tiu Laurel severs business ties - Garafil | Inquirer News, Presidential Communications Office (PCO) Secretary Cheloy Garafil announced on November 3 that just-appointed Department of Agriculture (DA) Secretary Francisco Tiu Laurel Jr. had sold his enterprises.
Prior to his appointment, Laurel served as President of the Manila-based fishing enterprise Frabelle Fishing Corporation.
In Malacañang, according to New DA chief Tiu Laurel severs business ties - Garafil | Inquirer News, Francisco Tiu Laurel Jr. recently took his oath.
Employees are not allowed to have conflicts of interest, according to the Code of Conduct and Ethical Standards for Public Officials and Employees.
A conflict of interest arises when an employee or public official holds a position on a board, is an officer, a significant shareholder in a private company, or owns a substantial interest in a business, and the Code stated that the faithful performance of official duties may conflict with or negatively impact the interests of the corporation or business, or the employee's rights or duties therein.
According to New DA chief Tiu Laurel severs business ties - Garafil | Inquirer News, Administrative Order No. 1, series of 1992, which mandated that all Cabinet members resign from their positions in businesses and private offices in the event of a conflict of interest, further upholds this legislation.
According to Palace, Laurel was the head of Frabelle Fishing Corporation and also held roles at Bukidnon Hydro Energy Corporation, Markham Resources Corporation, Frabelle Properties Corporation, and Bacoor Seafront Development Corporation.
