Ongpin resigns from PBCom board

MANILA, Philippines - Businessman Roberto V. Ongpin has stepped down as director and co-chairman of the Philippine Bank of Communications, the bank said in a disclosure to the Philippine Stock Exchange.

The bank said the former trade minister tendered his resignation last Dec. 28.

PBCom said Ongpin’s resignation will take effect immediately.

Ongpin still holds various positions in  PhilWeb Corp., ISM Communications Corp., Alphaland Corp. and Atok-Big Wedge Co. Inc.

He is also involved in other listed companies, namely San Miguel Corp., Ginebra San Miguel Inc. and Petron Corp.

Last month, the Court of Appeals (CA) has temporarily frozen some 100 bank accounts linked to Ongpin pending a probe of the Anti-Money Laundering Council.

The businessman has been subjected to a Senate inquiry on his P660 million alleged behest loans from the Development Bank of the Philippines.

In 2011, ISM Communications Corp., a publicly-listed IT and gaming firm controlled by Ongpin, won the bidding for a majority stake in PBCom.

PBCom, one of the country’s 20 largest commercial banks, was sold at a floor price of P4.3 billion or about P25 per common and preferred share. During that time, the bank has 64 branches, majority of which are located in Metro Manila.

The majority stockholders of PBCom — the Nubla, Chung and Luy families — hold a combined 97 percent stake in PBCom but had to dispose off their shareholdings as part of an agreement with state-run Philippine Deposit Insurance Corp. (PDIC) following the bank’s rehabilitation in 2004. PBCom received a P7.6-billion financial assistance package from PDIC.