Ongpin chooses nephew to head Alphaland
By JAMES A. LOYOLA
Eric Ongpin Recto has been elected as the new Chairman and Chief Executive Officer of Alphaland Corporation to fill the vacancy left by the passing of his uncle Roberto V. Ongpin (RVO).
In a letter to stakeholders, Alphaland President Rodolfo Ma. Ponferrada said Recto was elected during a special meeting of the firm’s Board of Directors. Recto had been Alphaland Vice Chairman since the company was established in 2007.
During the meeting, “the family of Mr. Roberto V. Ongpin conveyed the wish of RVO for Mr. Eric Ongpin Recto to take over as Chairman and CEO. The Board then proceeded with the election of Mr. Recto as the new Chairman and CEO of Alphaland,” said Ponferrada.
He added that, RVO’s daughter, “Ms. Anna B. Ongpin remains as Vice Chair. Her sister, Ms. Michelle Ongpin Callaghan was elected as member of the Board to filly the vacancy created by RVO’s death.”
“Congratulations to our new Chair and CEO!!! I, as I am sure the rest of you feel as well, wish him success in his new role. RVO has indeed chosen well,” Ponferrada said.
A former Minister of Trade and Industry and listed by Forbes as one of the Philippines’ richest billionaires, RVO passed away on Feb. 4, 2023 at the age of 86.
In a social media post, nephew Rafael “Apa” Ongpin said RVO “passed away in his sleep last night in Balesin Island. He was 86 years old (born on January 6, 1937).” Roberto Ongpin is the great grandson of Roman T. Ongpin, a Filipino-Chinese businessman and philanthropist who aided Filipino revolutionaries against the Spanish and American colonial administration in the Philippine islands.
RVO was a cum laude graduate of Ateneo de Manila and an MBA from Harvard Business School. He led SyCip Gorres and Velayo to become Asia’s largest accounting firm.
He served in the government from 1979 to 1986 as the youngest Minister for Trade and Industry, during which he made many contributions to the development of the country, as well as defended the Philippine currency in the wake of the 1983 financial crisis.
“After leaving government, he built and rebuilt empires, including making the deals that brought the Shangri-La Group into the Philippines, Tagaytay Highlands, PhilWeb, and culminating in Alphaland Corporation, where he built his crown jewel, Alphaland Balesin Island Club,” said Apa.
He added that, “He (RVO) has been expanding to the neighboring island of Patnanungan, which he planned to formally open this year.” “He refused to publicize it, but since 1988, he has funded thousands of full scholarships to Ateneo de Manila University, in the name of his brother, Jaime, who passed away in 1987. The brothers had attended both Ateneo and Harvard on scholarship from anonymous donors,” noted Apa.
RVO never retired, and remained sharp and undiminished by age, all the way to his last day.