MANILA, Philippines—Former Trade Secretary Rizalino Navarro passed away on Thursday at the age of 72, after suffering a heart attack as he was about to get off his car to report for work.
At the time of his death, Navarro sat as chairman and director of various businesses under the Yuchengco Group of Companies (YGC).
Gabriel Singson, former governor of Bangko Sentral ng Pilipinas who is Navarro’s friend and colleague at YGC, said Navarro’s death came as a shock.
“He’s a dear friend and I was shocked,” said Singson, an adviser to the Yuchengcos and who specifically serves as chairman of the board of advisers at Rizal Commercial Banking Corp. and Grepalife Financial Inc.
Singson recalled last seeing Navarro in a meeting on Monday and that the latter even attended a party the previous night.
“He’s a great loss. He served the government as secretary of trade and member of the Monetary Board during the term of President Ramos. He was very effective in going around and promoting foreign investments in the Philippines. That was what he did most of the time,” Singson told the Philippine Daily Inquirer.
Navarro was also a director and senior adviser at RCBC, and formerly its executive vice chairman and CEO. He was likewise a director at Grepalife.