Word: benguet
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Dates: during 1981-1981
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...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...