Entrepreneur and previous trade head, Bobby Ongpin, passes away at 86 years old.
**Business Tycoon and Former Trade Secretary Roberto Ongpin Passes Away at 86**
Roberto Velayo Ongpin, a prominent Filipino businessman and former trade secretary, has passed away on February 4, 2023, at the age of 86. Ongpin served as the Minister of Commerce and Industry under the late dictator Ferdinand Marcos, now known as the Department of Trade and Industry.
Regarding his career and political background, Ongpin was a leading figure in Philippine business, involved in various industries before and during his government service. He graduated cum laude in Business Administration from the Ateneo de Manila University and had an MBA from Harvard Business School. However, details about his specific business ventures are limited in the search results, but he was known as an influential businessman and oligarch in the country.
In politics, he held the cabinet post of Minister of Trade and Industry, playing a key role in economic affairs during Marcos's presidency. His security detail was notably involved during critical moments of political upheaval, such as events leading up to the People Power Revolution in 1986.
Ongpin's political career was not without controversy. Duterte described him as a businessman close to people in power and implied he used his political influence to strengthen his businesses. In 2016, President Rodrigo Duterte singled him out as an example of the oligarchs his administration wanted to do away with. The SEC had barred Ongpin from joining the board of any publicly listed company and fined him P174 million for insider trading. However, the Court of Appeals stopped the Securities and Exchange Commission (SEC) from enforcing its en banc decision on Ongpin's insider trading case involving Philex Mining Corporation shares in 2009.
Ongpin's family context is also noteworthy. He was the elder brother of Jaime Ongpin, who took a markedly different political stance, becoming a critic of the Marcos regime and serving as Finance Minister under President Corazon Aquino following Marcos's ouster.
Under later administrations, including President Rodrigo Duterte's, Roberto Ongpin's business influence was challenged. Ongpin's death comes after years of political shifts away from Marcos-era oligarchs, with Duterte moving to dismantle entrenched oligarchic power in government and business sectors.
In addition to his political and business career, Ongpin was known as the owner of the Balesin island, an "opulent, all-exclusive and members-only" resort. He is survived by his wife, Monica Arellano, his children, Stephen, Anna, Michelle, and Julian, and four grandchildren.
Further details about Ongpin's wake and funeral will be released by the family at a later time.
Despite the controversies surrounding him, Roberto Ongpin was a prominent figure in the finance and business sectors, having held the cabinet post of Minister of Trade and Industry and amassing a significant fortune, especially during his time under the late dictator Ferdinand Marcos. His influence extended beyond politics, with his ownership of the Balesin island adding to his repute.
