Uncategorized Philippine tycoon quits corporate post as Duterte vows to destroy ‘oligarchs’

Philippine tycoon quits corporate post as Duterte vows to destroy ‘oligarchs’

Roberto Ongpin
Roberto Ongpin

Roberto Ongpin, one of the Philippines’ richest men, resigned as chairman of a listed gaming company one day after President Rodrigo Duterte swore he would take down the country’s “oligarchs” and singled out Ongpin as one of them.

Shares in gaming cafe operator Philweb Corp, majority-owned by Ongpin, slumped as much as 50 pct in Manila trading on Thursday. The stock closed 37 percent lower.

Ongpin has stepped down to focus on real estate projects developed by Alphaland Corp, also majority-owned by Ongpin, Philweb said on Thursday. 

The tycoon was once a trade minister under disgraced former president Ferdinand Marcos, whose regime was characterised by widespread corruption, decadence and military brutality.

Tycoons adds to a growing list of targets that Duterte is pursuing. The firebrand former prosecutor has said he will crack down on drug dealers, crime bosses, corrupt generals, business monopolies, online gambling and even Catholic priests.

“I am fighting a monster… Believe me, I will destroy their clutches in our nation,” Duterte said at an environment summit in southern Davao City on Thursday, without identifying anyone.

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