Monopolies in the Philippines (1965–1986) granted PD 1468, which declared the money as private and prevented any government audit. Cojuangco bought San Miguel Corporation (SMC) with the funds from the Coco levy. SMC is one of the oldest and largest beer, food, packaging and livestock conglomerate in the Philippines. President Marcos gave favors to SMC once Cojuangco became its head. Taxes were raised for liquor and cigarettes in January 1986, but excise taxes on beer went down. Beer is one of the main products of SMC, which helped the corporation save as much as $40 million that year. When Marcos was President, he often wrote
Philippines–Spain relations Philippines–Spain relations The Philippines–Spain relations (; ) is a bilateral and multilateral relations between the Philippines and Spain. The Philippines was the lone colony of the Spanish Empire in Asia for more than three centuries. Spain has an embassy in Manila, and the Philippines has an embassy in Madrid. As of 2007, there are 115,362 Filipinos with dual citizenship. There are also 40,000 Filipinos residing in Spain who do not hold Spanish citizenship. and an estimated 4,000 Spanish citizens residing in the Philippines. Leaders of the two states (1947–1981) Leaders of the two states (1981–present) The first Filipino settlement in