Ongpin steps down as PBCom chair

Posted at Jan 03 2013 09:53 AM | Updated as of Jan 03 2013 05:53 PM

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Business tycoon Roberto V. Ongpin has resigned as Chairman at the Philippine Bank of Communications, leaving the position to his nephew, Eric Recto.

The bank said Ongpin tendered his resignation on December 28 and such takes effect immediately.

However, reasons behind Ongpin's action were undisclosed.

Ongpin also sits as chairman at gaming firm PhilWeb Corp., property company Alphaland Corp. and oil explorer Atok-Big Wedge Co., Inc.

The former Trade Minister is in the middle of a Senate investigation for loans he allegedly obtained with preferential terms.

(ANC Business Nightly, January 2, 2013)