MANILA, Philippines — Former Socioeconomic Planning Secretary Karl Kendrick Chua will join the board of listed chemicals manufacturer D&L Industries as an independent director.
D&L announced Chua’s appointment in a disclosure to the stock exchange on Monday.
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He will replace Filemon Berba, who served on D&L’s Board from 2012 until his passing last April 4.
With Chua on the Board, four out of the seven seats continue to be held by independent directors.
READ: D&L posts record P3.3 billion profit in 2022
Chua served as the secretary of the National Economic and Development Authority (NEDA) during the Duterte administration.
Before that, he was an undersecretary at the Department of Finance and was instrumental in the creation and eventual passage of the Tax Reform for Acceleration and Inclusion Law adjusting income tax rates.
“With independent directors continuing to hold a majority of our Board, the company remains committed to upholding good governance and transparency,” Alvin Lao, company president and CEO, said.