Dominguez leaves ACR for Cabinet post

CARLOS G. Dominguez has resigned as director of publicly listed Alsons Consolidated Resources Inc. (ACR) to serve in the Cabinet of incoming President Rodrigo Duterte.

In a disclosure to the Philippine Stock Exchange, ACR said Dominguez had resigned from the company’s board of directors effective June 17.

“Mr. Dominguez has left the ACR board in order to serve as Secretary of Finance of the Republic of the Philippines under the incoming administration of President-elect Rodrigo Duterte,” ACR said.

Dominguez owns several businesses in Davao City and headed the finance committee of Duterte’s presidential campaign.

ACR is primarily engaged in power generation in the island-grid of Mindanao.

It operates four power plants and plans to start the construction of three major power projects in Mindanao before the end of this year.

By 2019, ACR-affiliated power facilities are expected to have around 588 megawatts of combined generating capacity or 25 percent of Mindanao’s projected peak power demand.