RVO is back in business: Alphaland gets P5.5B loan

02/23/2017 | By: Bilyonaryo

After going into hibernation for a few months, controversial businessman Roberto V. Ongpin is ready to do business again.

Ongpin led the signing of a P5.5 billion loan facility agreement entered into by his property firm Alphaland Corp. with BDO Unibank.

The loan has a tenor of seven years.

A former trade minister under the Marcos regime, Ongpin exited gaming technology firm PhilWeb Corp. after being singled out by President Duterte as the kind of “oligarch” he wanted to eradicate because of undue influence on the government.

Last October, Ongpin sold his 53.8 percent stake in Philweb Corp. to Gregorio Araneta for P2 billion.

Araneta is son-in-law of deposed Ferdinand Marcos.

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