Alphaland Names Roberto Ongpin's Nephew as New Chairman and CEO
A nephew of the late Roberto V. Ongpin has been named to lead property development company Alphaland Corporation, over a week since the former chief’s passing.
Eric Ongpin Recto was elected chairman and CEO of Alphaland Corp during a special board meeting of the company on Thursday (February 16). According to a statement from company president Atty. Rodolfo Ponferrada, Recto was named chairman and CEO based on the wishes of Roberto Ongpin himself.
“Ms. Anna B. Ongpin remains as Vice Chair,” the statement said. “Her sister, Ms. Michelle Ongpin Callaghan was elected as a member of the Board to fill the vacancy created by RVO’s death.
“Some of you may not know this but Mr. Recto has been Vice Chairman of Alphaland since its inception in 2007,” it added.
Alphaland is a real estate company engaged in the development of shopping malls, residential towers, yacht clubs, marinas, and hotels. It used to be a public company until it was involuntarilty delisted in 2014 for a number of violations, including noncompliance with the listing agreement and repeated failure to make “timely, adequate and accurate” disclosures of information.
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Who is Eric Ongpin Recto
Eric Ongpin-Recto has long ties to the companies associated with his late uncle Roberto Ongpin. He used to work as a consultant with Sycip Gorres & Velayo and moved up corporate finance with stints in Bankers Trust Co., Belle Corp., and Alaska Milk Corp.
He was appointed undersecretary of the Department of Finance during the term of Gloria Macapagal-Arroyo.
After his stint in government, he became an independent director of the Philippine National Bank. He was also appointed director of Alphaland Corp in 2009 and then became its vice chairman in 2018. In 2012, he was named chairman of PBCom bank, alongside his uncle.
In addition, Recto also served as chairman and president of Bedfordbury Development Corporation; chairman and president of Optimum Dev’t. Holdings Phils., Inc.; independent director of Aboitiz Power Corporation and Philippine H2O; director of DITO CME Holdings Corp. (formerly ISM Communications Corporation); and a member of the board of supervisors of Acentic GmbH.
In 2018, he made an appearance in Forbes list of 50 richest Filipinos, at number 34, with an estimated net worth of $260 million. But he has dropped off the list since.
Recto graduated with a degree in Industrial Engineering from the University of the Philippines and completed his MBA from the Johnson School in Cornell University. His mother is Deanna Ongpin-Recto, who is the sister of Roberto Ongpin. He is married with four children.