MANILA — Newly-appointed Agriculture Secretary Francisco Tiu Laurel, Jr. has “divested his interests from his companies,” Malacañang said Friday.

• Marcos gives up agri portfolio, appoints fishing tycoon as agriculture chief

The Palace issued the statement following 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,” Presidential Communications Secretary Cheloy Garafil said in a text message to Malacañang reporters.

Prior to his appointment, the billionaire fishing tycoon headed the Frabelle Fishing Corporation and served as chairman and president of the Agusan Power Corporation.

He was also president of 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.

The President said 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.