Ongpin quits PhilWeb

MANILA, Philippines - A day after President Duterte vowed to “destroy” oligarchs, businessman and former trade minister Roberto Ongpin resigned yesterday as chairman and director of listed gaming company PhilWeb and all of its subsidiaries effective immediately.

Ongpin did not cite any reason for his resignation in his letter to PhilWeb president Dennis Valdes.

On Wednesday, President Duterte told delegates of the Parish Pastoral Council for Responsible Voting in Malacañang that he wanted to destroy “oligarchs” embedded in government.

“I’ll give you an example, publicly – Ongpin, Roberto,” Duterte was quoted as saying.

The President described Ongpin as “a businessman close to people in power,” implying that he used his political influence to strengthen his businesses.

After the President’s remarks, PhilWeb shares plunged 36.88 percent to P8.95 during yesterday’s session at the stock market.

Ongpin was trade secretary during former president Ferdinand Marcos’ administration.

“He remained influential despite the succession. During the time of (Fidel) Ramos, he was a hanger on as well as during the time of Gloria (Arroyo) and P-Noy (Benigno Aquino III). Now he owns (an) online (gambling firm),” the President said.

In his first Cabinet meeting last month, Duterte vowed to end online gambling.

Ongpin, according to industry sources, supported Sen. Grace Poe during the May presidential elections.