On January 19, 2024, President Ferdinand Marcos Jr. presided over the opening of JG Summit Olefins Corporation's expanded petrochemicals manufacturing complex.

The growing petrochemical industry in this city has the potential to provide thousands of employment, according to President Ferdinand "Bongbong" Marcos Jr. on Friday.

The first and only naphtha cracker plant in the nation is located within the JG Summit Olefins expanded production facility, which was inaugurated under Marcos' leadership.

6,200 people are employed by it directly and indirectly. In his speech, Marcos stated, "You are a major contributor to an industry that is forecast to enrich our economy by P215 billion next year."

Marcos clarified that the products produced by the plant ''end up in the packaging of the food we eat, in the clothes we wear, in the appliances in our homes, in the automobiles we drive, and in the technological gadgets that we use to document our everyday lives.''

It is an upstream sector that provides many other manufacturing concerns and feeds numerous businesses. It is one of the cornerstones of our industrialization, essential to advancing up the value chain, and ensures the availability of a necessary component for production, according to Marcos.

Since 1998, when it began manufacturing polyethylene and polypropylene polymers, the JG Summit Olefins Corporation complex has steadily added new facilities.

The plant generates the ethylene and propylene needed as feedstock for its downstream polyethylene and polypropylene polymer facilities, which are olefin raw materials.

JG Summit Holdings, Inc. claims that... At a cost of more than P150 billion, the industrial complex is one of the biggest investments made in a single company, according to President Lance Gokongwei.

We firmly believe that having a strong local petrochemical manufacturing base will promote the rebirth of Philippine industry and help the country climb up the global value chain, which is why we are making this significant investment, Gokongwei stated in a news release.