Anna Bettina Ongpin resigned as vice chairman and director of PhilWeb Corp. Friday, a day after her father, business tycoon and former Trade minister Roberto “Bobby” Ongpin, severed his ties with the company.
In a disclosure to the Philippine Stock Exchange, PhilWeb said Anna Bettina’s resignation takes effect immediately.
She said her resignation will allow her “to focus on the real estate projects of Alphaland Corporation,” the same reason given by her father in his resignation letter.
The elder Ongpin was singled out by President Rodrigo Duterte as one of the oligarchs that he wants to destroy for cashing out on their political ties.
“The plan is to destroy the oligarchs that are embedded in government. I’ll give you an example, publicly — Ongpin, Roberto. He was influential during the time of (Ferdinand) Marcos, Trade minister, I think. He remained influential despite the succession. During the time of (Fidel) Ramos, he was a hanger on as well as during the time of Gloria (Arroyo) and P-Noy (Benigno Aquino 3rd),” Duterte said during a meeting with officials of the Parish Pastoral Council for Responsible Voting on Wednesday.
The next day, Ongpin resigned as chairman of PhilWeb Corp.
Victor Benavidez of Alakor Securities Inc. said the resignation was prompted by the public’s perception on PhilWeb’s future viability.
“These things have nothing to do with the financial viability of PhilWeb. It is more of perception by the public, especially that the license to operate their online gaming business has expired and is merely being renewed on a month-to-month basis,” Benavidez explained.
Pending the renewal of PhilWeb’s license to operate, he said the market is apprehensive that its license may no longer be renewed, thus prompting shareholders to sell their stocks.
PhilWeb’s stock plunged 37 percent to P8.95 on Thursday, the lowest level since December 2014. It recovered a bit on Friday to P9.01.