MANILA, Philippines – Former finance secretary Carlos “Sonny” Dominguez III has returned to the private sector, joining the Ty family’s GT Capital Holdings as an independent director, the company said in a stock exchange filing on Monday, August 14.

Dominguez was the finance secretary under the administration of former president Rodrigo Duterte from 2016 to 2022, where he spearheaded key economic policies, including tax reform, the borrowing program amid the COVID-19 pandemic, and the push for infrastructure.

He was also the agriculture secretary and led the natural resources ministry under the administration of the late former president Corazon Aquino.

In the private sector, Dominguez once served as president and chairman of Philippine Airlines. He was also chairman of RCBC Capital Corporation and director of the Manila Electric Company.

Dominguez replaces Pascual Garcia III, who will remain in GT Capital as an adviser to the board of directors.

“We warmly welcome Mr. Dominguez to GT Capital and look forward to his valuable insights and contributions to the company, given his wealth of experience in both the country’s public and private sectors,” GT Capital chairman Francisco Sebastian said.

“Mr. Dominguez is certainly supportive of GT Capital’s commitment towards nation building. With his guidance, we are confident that the group will continue to help grow the Philippine economy.”

GT Capital posted a 106% growth in its core net income in the first half of 2023, raking in P16.6 billion. Earnings were driven by Metrobank, with a net income of P20.9 billion, a 34% increase. Toyota Motor Philippines saw its net income grow 147% to P8 billion, while Federal Land saw a 101% increase of P1.46 billion. – Rappler.com