Word: benguet
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...Marcos period for opposing the government, became Minister of Local Government, while Ramon Mitra, 58, an outspoken rancher, assumed the post of Minister of Agriculture. Aquino repaid debts to political independents who strongly supported her during the bitterly contested election. Among them: Jaime Ongpin, 47, the chairman of the Benguet Mining Corp. and one of her main campaign strategists, who was named Finance Minister, and Jose Concepcion, 54, a businessman and head of the National Movement for Free Elections, a citizens' watchdog group, who became Minister of Trade and Industry...
Although none of the prominent opponents to Marcos can command the broad-based political support Aquino might have had, their ranks include such unlikely bedfellows as Jaime Cardinal Sin, the outspoken Archbishop of Manila, and Jaime Ongpin, president of the Benguet mining corporation. Also included are Corazon Aquino, Ninoy's widow, and Agapito ("Butz") Aquino, his younger brother. The opposition draws experience from such veteran Marcos foes as Salvador Laurel, head of the opposition United Nationalist Democratic Organization coalition, and Lorenzo Tañada, 86, the grand old man of the opposition...
...Manila government admits to putting a total of $625 million into the corporate bailout operation, but most analysts believe that it will ultimately require far more. Said Jaime Ongpin, president of the country's oldest mining company, the Benguet Corp., and a leading Marcos critic: "The rescue program has really gotten out of hand." Said another businessman: "They are just postponing the day of reckoning...
Government officials defend the action by saying that massive bankruptcies would have a domino effect on the entire financial system. On television last week, during his scheduled Ask the President program, Marcos attacked Ongpin personally, denying his allegations and coolly noting that Benguet itself received aid from the government in the 1960s, when the company was paid more than the official $35-per-oz. price for gold that it mined. Sniffed Marcos: "I don't know what is eating him. He certainly is acting strangely...
...financial centers of the world last week, the gold fever spread like the blood-tingling news of a rich new strike. Day after day on the New York Stock Exchange, the cheap stock of a Philippine gold-mining company, Benguet Consolidated Mining Co., was among the heaviest traded. Wall Street's Bache & Co. was busily selling unrefined gold (the only kind that can be legally held in the U.S.) at premium prices ($44 an ounce). In London, South African gold-mining stocks were ones eagerly bought in a falling market...