MANILA, Philippines — The Senate adopted on Wednesday a resolution expressing the upper chamber’s sympathy and condolences on the death of former minister of trade and industry Roberto “Bobby” Ongpin.
During the plenary session, Senate Majority Leader Joel Villanueva and Senators Imee Marcos and Pia Cayetano sponsored Senate Resolution No. 468.
READ: Billionaire businessman, technocrat, political operator Roberto Ongpin dies at 86
“As minister of commerce and industry, he made significant contributions to the development of our nation and defended our currency in the wake of the 1983 financial crisis by establishing the Binondo Central Bank, a parallel exchange rate system that allowed the government to narrow the rate gap between the dollar’s official guiding rate and the black market rate by directly intervening in the black market currency prices,” Villanueva said during his sponsorship speech.
“As we know full well, Bobby Ongpin was known for both his brilliance and his guts. He was successful in business as well as in government… He also brought about change, great innovation, and yes, indeed, he brought forth the truth in many, many cases,” Marcos said.
For her part, Cayetano said: “The nation mourns the loss of RVO whose enormous contribution to the government service, business, and industry has left indelible marks on the country’s economic landscape.”
All other senators were made co-authors of the resolution.
Ongpin passed away in his sleep on February 4 at 86.
He served as the youngest minister for trade and industry from 1979 to 1986 during the Philippines’ worst economic crisis.
Ongpin was likewise a philanthropist. He secretly funded thousands of full scholarships to the Ateneo de Manila University to help students attain their dreams.