Rest in peace, former Trade minister Roberto Ongpin. | daxINQ /PDI
He related previously to the Inquirer that, during his job interview, one of the company’s founders, the late Washington Sycip, asked him what was on his mind, and he replied: “I’m thinking about how long it will take for me to sit there,” pointing at Sycip’s chair.
These dollars were then used by the government for its foreign exchange needs like buying imported medicines and infant formula. With his business empire resurgent during the years of the Arroyo presidency, Ongpin became a target of a government investigation during the presidency of Benigno Aquino III. He was accused of borrowing P660 million from a state bank to buy shares in Philex Mining Corp. which he then sold to businessman Manuel Pangilinan soon after for a profit.
In its 2023 ranking of the country’s wealthiest individuals, Forbes Magazine listed Ongpin as the 23rd richest in the country with an estimated net worth of $830 million, after having peaked at $1.7 billion three years prior. The businessman has always protested his inclusion in this list, telling the Inquirer that he has written Forbes several times asking to be excluded from the ranking because it overstated his wealth.
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