One of each.
The first one soft, modified by the "i" following it, the second hard,
as the "o" doesn't modify it.
What you say applies to words of Italian origin. True. But not
necessarily to words derived from other languages.
As is always the case in the pronunciation of English words derived from
other languages, there is the etymologically correct pronunciation OR
the mis-pronunciation that through common usage has become the accepted
pronunciation.
*Economy* is one word that was always mispronounced in English with the
E being pronounced as in "thin" or "Limpet" until Gordon Brown, the then
British Economy Minister, started pronouncing it correctly as the E in
DELL or Elliptical or Etymology which, I remember, at the time raised
quite a few eyebrows among the British. But Gordon Brown was pronouncing
it correctly.
But I wouldn't dream of pronouncing the first G in Gigantic as G in
Going, going, gone! Why "Gigabyte" is pronounced with the G as in Go, I
wouldn't know except that maybe people are not au fait with the
pronunciation of such words in their original languages and because we
rely too much on the printed as opposed to the spoken word these days
particularly where technical jargon is concerned.