MANILA, Philippines–Former Trade Minister Roberto V. Ongpin has stepped down as director and co-chair of commercial bank Philippine Bank of Communications.
PBCom disclosed to the Philippine Stock Exchange a letter from Ongpin quitting these posts dated Dec. 28 effective immediately.
This leaves Ongpin’s nephew Eric Recto in full control of the bank. In May, Recto was named as chair of the bank albeit Ongpin who was then still co-chair.
Recto sits on PBCom concurrent to his post as president of oil refiner Petron Corp.
Ongpin is currently in the midst of a legal battle against the new board of the state-owned Development Bank of the Philippines due to alleged anomalous lending transactions to the former during the previous administration.