As President of Deltec, the bank operations mainly consisted in acted as a lender with high interest rates to local companies, governments and industries.

In October 1968, a military coup led by General Velasco overthrew the Belaunde's Administration and Ulloa went into exile in Spain.

In Spain, Ulloa founded an art gallery and took and active part in the tourism and property development boom on the Costa del Sol.

From 1980 to 1982 Ulloa worked to restore the country's credibility with the international financial community ensuring a healthy inflow of foreign loans and carrying out Peru's first ever thoroughgoing tax reform.

In August 1982, the Prime Minister and his cabinet were interpellated for almost 50 hours and, despite Ulloa obtained a motion of confidence, he resigned four months later.

He married thirdly in 1978 Isabel Zorraquín, marquise of Mariño, the divorced wife of Vicente Sartorius y Cabeza de Vaca.