Filipino Tycoon Roberto Ongpin Dies at 86

Filipino business tycoon Roberto Ongpin, a former minister of commerce and industry under the administration of former President Ferdinand Marcos Sr. and chairperson of a number of businesses, including the high-end island resort Balesin, has died. He was 86 years old. the news was confirmed by his nephew Apa Ongpin. 

Bobby Ongpin patriarch died in his sleep in Balesin Island.

Who Was Roberto Ongpin?

Roberto was born on January 6, 1937, to the prominent Ongpin family, and in his youth, he earned his bachelor's degree from Ateneo de Manila University and MBA from Harvard University.

Ongpin was most known for his business pursuits, namely Alphaland Corporation, of which he was the chairman and CEO. Through Alphaland, Ongpin owned Balesin Island Club, Alphaland Baguio Mountain Lodges, Alphaland Makati Place, and more. 

He was also the chairman of investment holding company Atok-Big Wedge and Alphaland Balesin Islan Club. He also served as a director of San Miguel Corporation, PAL Holdings, Inc., Petron Corporation, and Shangri-La Asia. He even had a stint as the deputy chairman of the South China Morning Post during his time in Hong Kong. 

At 86 years old, Ongpin was considered among the richest businessmen in the country. Ranked as the 23rd richest Filipino on Forbes' Philippines Rich List, Ongpin had a net worth of $830 million (P44.5 billion) at the time of his passing. He also owned as many as 16 properties all over the world, including in Tuscany, London, Paris, Salzburg, and Saint-Tropez.

As a businessman, Ongpin had strong ties to the government, particularly during the regime of Marcos Sr.. He served as Minister of Commerce and Industry, a position now known as the Secretary of Trade and Industry. In 1986, he inadvertently played a vital role in the People Power Revolution when he alerted then-Defense Minister Juan Ponce Enrile of the absence of Marcos' security detail in Malacañang. This eventually led to Marcos' ousting and the installation of Corazon Aquino as President. 

After the ouster of Marcos Sr, Ongpin was among the many businessmen who were dubbed Marcos cronies, a title he has adamantly rejected. Controversy followed him in his later years: In 2016, president Rodrigo Duterte named him an "oligarch" and a Securities and Exchange Commission ruling found him guilty of insider trading. 

Ongpin's remains will be brought to Manila for the wake. He is survived by his wife, Monica Arellano, his children, Stephen, Anna, Michelle, and Julian, and four grandchildren.