In the aftermath of the assassination of the late Benigno Aquino Jr. in 1983, there was a massive outflow of foreign exchange from the country with foreign investors and even domestic investors taking their investments out of the country to such an extent that the Central Bank of the Philippines was virtually emptied of dollars.
With the authority of then President Marcos Sr., Ongpin gathered nine of the well-known foreign exchange dealers in Binondo, and threatened them that he would send them to the stockade if they did not comply with his plan.The Binondo foreign exchange dealers had no choice but to comply with the order of Ongpin to open themselves to the public to furnish the foreign exchange needed by the government and the public.
Ongpin has since become the foremost builder of prime high-end projects, with his signature project — the Balesin Island Club, now a multi-billion dollar project. The idea: Attract the world’s high networth individuals to enjoy the most unique beach resort and nature enclave, as members and guests. I am not exaggerating, but RVO will be remembered in history for the Binondo Central Bank that saved the Philippine economy from collapse.The now generation may not know that Ferdinand E. Marcos Sr.
“No President has ever codified laws on the same subject as Marcos did that are still effective and are being enforced. Worth mentioning are 15 codified laws he issued that are still enforced: the Local Tax Code ; Labor Code of the Philippines ; “ the Philippine Amusement Gaming Corporation, the alternative signal source of revenues to fund miscellaneous activities of the government;“the Movie and Television Review and Classification Board;“ the Philippine Tourism Authority as one of the engines to source revenues;