Duterte appears to be widening his targets from criminals to business tycoons...

President Rodrigo Duterte singled out Filipino tycoon Roberto Ongpin as an example of the oligarchs his administration wants to do away with.

"Ang plano talaga is, destroy the oligarchs that are embedded in government. 'Yan sila, I'll give you an example, publicly – Ongpin, Roberto," said Duterte on Wednesday, August 3, in front of election volunteers in Malacañang Palace.

(The plan is to destroy the oligarchs that are embedded in government. I'll give you an example, publicly – Ongpin, Roberto.)

Ongpin was one of the 50 richest Filipinos in 2015 according to Forbes Magazine. That year, he supposedly boasted a net worth of $900 million.

Last Monday, August 1, the Court of Appeals stopped the Securities and Exchange Commission from enforcing its en banc decision on Ongpin's insider trading case involving Philex Mining Corporation shares in 2009. Full story...

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