Jaime Ongpin | |
|---|---|
 Ongpin in 1986 | |
| 17thSecretary of Finance | |
| In office March 26, 1986 – September 14, 1987 | |
| President | Corazon Aquino |
| Preceded by | Cesar Virata |
| Succeeded by | Vicente Jayme |
| Personal details | |
| Born | Jaime Velayo Ongpin (1939-06-15)June 15, 1939 |
| Died | December 7, 1987(1987-12-07) (aged 48) Makati, Philippines |
| Party | UNIDO |
| Spouse | |
| Relatives | Roberto Ongpin (brother) |
| Alma mater | Ateneo de Manila University (BS) Harvard Business School (MBA) |
| Profession | Businessman |
Jaime "Jimmy" Velayo Ongpin (June 15, 1939 – December 7, 1987) was a Filipino businessman and activist. He was theMinister of Finance of thePhilippines under PresidentCorazon Aquino from 1986 to 1987, after having played an instrumental role in her campaign. Ongpin was the younger brother ofRoberto Ongpin who had been Minister of Trade and Industry under PresidentFerdinand Marcos.
Ongpin was a 1958 graduate of theAteneo de Manila University and fromHarvard Business School in 1962.[1] He had been advertising manager of the Philippine subsidiary ofProcter & Gamble. In 1962, he joined theBenguet Corporation, one of the country's leading gold mining companies. In 1974, he became company president.
Despite his brother's ties to the Marcos regime, Jaime Ongpin emerged as a vocal critic of crony capitalism. In 1981, he penned a scathing letter to theAsian Wall Street Journal condemning government bailouts of companies owned by known associates ofMarcos dictatorship. He continued speaking out through public letters, speeches, and briefs, most notablyThe Eleven MIP's (a.k.a. The Eleven Major Infuriating Problems) in 1983, targeting the misuse of public funds.
Following theassassination of Ninoy Aquino in 1983, Ongpin intensified his activism, forming groups like Manindigan and supporting independent media likeVeritas. Ongpin was instrumental in organizing and financingCorazon Aquino’s presidential campaign. During the1986 snap elections and ensuingPeople Power Revolution, he served as a key negotiator between Aquino's camp and leaders of the armed forces, includingJuan Ponce Enrile andFidel Ramos.
Appointed as Secretary of Finance by President Aquino on March 26, 1986, Ongpin was tasked with restoring economic stability in the wake of the Marcos regime and regaining the confidence of international creditors. His tenure was marked by efforts to rehabilitate the country's fiscal position, culminating in the successful negotiation of a US$13.2 billion debt rescheduling agreement in July 1987. While this achievement was lauded by global financial institutions, it drew domestic criticism for failing to secure more substantial debt relief.[2]
However, Ongpin's position became increasingly untenable amid widening ideological rifts within the Aquino cabinet, particularly between market-oriented technocrats and left-leaning reformists. The situation deteriorated further in the aftermath of thefailed coup attempt in August 1987, and Ongpin was ultimately removed from office during a cabinet reshuffle on September 14, 1987.
Less than three months later after the cabinet reshuffle, Ongpin was found dead on December 7, 1987, in his Makati office of a self-inflicted gunshot wound at the age of 48. His death was officially ruled asuicide, attributed to mounting emotional strain and frustration over persistent cabinet infighting. President Aquino paid tribute to him as an “outstanding Filipino who had the courage of his convictions”.[3]
His widow, Isabel Ongpin, later remarked that he had become despondent over the factionalism within the Aquino administration and disillusioned by the limited reforms brought about by the People Power Revolution.[4]
In recognition of his role in restoring Philippine democracy and his steadfast opposition to the martial law regime, Jaime V. Ongpin was honoured in 2001 with his name inscribed on theBantayog ng mga Bayani memorial. In 2018, the Human Rights Victims' Claims Board (HRVCB) formally recognized Ongpin and 126 other individuals as amotu proprio victim of human rights violations committed under theMarcos dictatorship.[5]
To further commemorate his legacy, the Center for Media Freedom & Responsibility established the Jaime V. Ongpin Journalism Seminar in 1995—an annual event that includes an educational grant and awards to foster excellence in investigative and explanatory reporting.[6]
A biography titledJaime V. Ongpin, The Enigma: A Profile of the Filipino Manager, written by National Artist for LiteratureNick Joaquin, was first published in 1990 by the Jaime V. Ongpin Institute of Business and Government at Ateneo de Manila University. A revised edition was released in 2019.[7]
Ongpin was also portrayed by actorNoel Trinidad in the 1988 filmA Dangerous Life, which dramatised the events of the People Power Revolution.
| Political offices | ||
|---|---|---|
| Preceded byasMinister of Finance | Secretary of Finance 1986–1987 | Succeeded by Vicente Jayme |
| International | |
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| National | |
| Other | |
