One of the more interesting phases of my life (pardon me for getting nostalgic again) was after my graduation from Ateneo de Manila. I had a stint as instructor at Ateneo de Manila High School at Loyola Heights.
I taught English and history to high school students. Those boys ran around campus in their short pants. Now when I see how they have become successful businessmen and politicians, I cannot help but feel proud. They are now nation-builders.
Most notable among my students was Joseph Ejercito, later on known as Erap Estrada. He became a movie star, then mayor of San Juan, then senator, vice president, and eventually president of the republic.
Erap was later on convicted of plunder but was pardoned by his successor, President Gloria Arroyo. He got vindicated many times over with the election of his wife and sons to the Senate, and his own election as mayor of Manila.
I had other famous students like the late Jun Cruz, who became the president of Philippine Airlines and the Government Service Insurance System. There was Rafael Buenaventura who became governor of the Bangko Sentral, Chuckie Arellano who was administrator of the Social Security System, Jun Siazon as foreign affairs secretary and ambassador, and businessmen Susing Pineda and Tony Lopa.
Roberto “Bobby” Ongpin stands tall above the rest.
As a scholar at the Ateneo, he went on to Harvard and soon became the youngest managing partner and CEO of SGV. He soon became trade and industry minister of the Marcos administration. He actually saved the Philippine economy from collapsing after the Ninoy Aquino assassination in 1983. At that time, the foreign reserves of the central bank dropped to a low; it became nearly impossible to import. Inflation reached new heights.
Ongpin is a descendant of Roman T. Ongpin after whom a street in Binondo was named. He was a nationalist and a revolutionary and helped finance the Katipunan revolt against Spain.
I said that Ongpin averted an economic collapse when he threatened Binondo foreign exchange traders that they would be put in stockade if they did not form themselves into what is known as Binondo Central Bank and opened themselves to grant foreign exchange to importers.
And it worked!
Soon, after the 1986 People Power Revolution, Ongpin went into self-exile in Hong Kong. He became vice chairman of the South China Morning Post, and also went in partnership with the Kuok family.
Few people know that Ongpin was largely responsible for the Henry Sy-controlled Tagaytay Highlands, a high-end development.
During the Arroyo administration, Ongpin came back with Ashmore, a London-based fund manager as a partner to develop high-end property. That started his signature development—the Balesin Island Club off the coast of Quezon province.
But Ongpin was harassed and persecuted during the Aquino administration. He was identified as a friend of former First Gentleman Mike Arroyo. He was accused of obtaining a behest loan from the Development Bank of the Philippines. But that case was dismissed by the Sandiganbayan.
That’s Bobby for you. He considered everything a challenge and then proceeded to build Makati Place, another high-end development at the end of Ayala Avenue. This is the location of City Club, the most luxurious leisure and sports club in the country.
Ongpin also put up his magnum opus, the Aegle Wellness Center, both in the City Club and at Balesin.
After Ongpin’s “divorce” from Ashmore, he went on to further his interests, ever mindful and confident about the economic future of the Philippines.
And last year, a bolt of lightning hit him when President Duterte singled him out as an “oligarch that must be destroyed.” But this is not true at all, because Ongpin is not an oligarch and he was never embedded in government. Whatever he enjoys now, he earned through hard work and sheer talent.
This bolt of lightning cost Ongpin no less than P18 billion in terms of the stock prices of PhilWeb. He sold his shares at this big loss to Greggy Araneta.
Every difficulty he went through, he saw as a challenge. Now he is 80 years old and is still on a roll, able helped by his daughter, Anna Betina Ongpin.
In February, Alphaland secured a P5.5-billion loan facility from BDO Unibank which he considers the most significant development for Alphaland. Aside from the improvement in financial position, it’s a vote of confidence from the country’s largest bank.
The loan for seven years will enable Alphaland to repay its debts of P4 billion. The balance will fund Ongpin’s new projects.
Forbes Magazine has listed Ongpin as the 13th richest Filipino. The list is led by SM’s Sy.
I have seen firsthand Ongpin’s development in Baguio and near Balesin. For the record, Alphaland achieved record profitability in 2016 despite a challenging environment. From a comprehensive 2015 net income of P7.2 billion, this year’s income increased 7.5 percent. Net worth increased by 17.2 percent from P44.7 billion to P52.4 billion.
Beyond this, Ongpin knows his corporate social responsibility. He knows how important it is to rehabilitate drug users. He will build a rehabilitation facility on a 2.1-hectare property in Atimonan, Quezon. Alphaland also has community development programs, a school and outreach activities. Ongpin does know how to pay forward the blessings he has received.