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The 20th Congress will convene on July 28, and Kenneth Gatchalian will be joining the House of Representatives as the 1st District representative of Valenzuela City
MANILA, Philippines – Kenneth Gatchalian formally stepped down from his posts in the family businesses listed on the Philippine Stock Exchange just weeks before the 20th Congress is slated to begin.
Waterfront Philippines and Acesite (Phils.) Hotel disclosed on Thursday, June 26, copies of Gatchalian’s resignation letters dated June 18.
“As I [embark] on my new journey as public servant as member of the 20th Congress of the Philippines, I am writing to inform you of my intention to formally step down as President… effective June 30, 2025,” Gatchalian wrote.
“It has been a great privilege to contribute to the growth and success of the organization alongside such dedicated and talented individuals.”
The 20th Congress will convene on July 28, and Gatchalian will be joining the House of Representatives as the 1st District representative of Valenzuela.
Public officials need to disclose or sever ties with their business interests before entering public office, as it might result in a conflict of interest.
He is the last among four Gatchalian siblings to dip his toes into politics.
Their eldest, Sherwin “Win,” is serving his second term in the Senate since winning in 2016. Wes is Valenzuela City mayor, while Rex — who was previously Valenzuela’s 1st District representative — is secretary of the Department of Social Welfare and Development.
Waterfront Philippines and Acesite are among the firms of the Wellex Group — a company founded by William, the Gatchalian patriarch, that started as a business in the plastics industry.
Wellex Group companies are active, with Waterfront Philippines recently closing a transaction with property giant Megaworld Corporation to sell an Ilocos Norte property for P2.06 billion.
The group has multiple companies listed on the Philippine Stock Exchange.
Gatchalian has yet to resign from logistics firm Metro Alliance Holdings & Equities Corporation, where he serves as president and is among its directors. He is also listed as a director of the agriculture company Philippine Estates Corporation, and the president and a director of Wellex Industries Incorporated — a listed company involved in the oil and mining industry. – Rappler.com
