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 Spain dates back to the Spanish colonial period of the Philippines between the 16th and 19th century. Today, Filipinos are one of the largest Asian communities in Spain, with a number of individuals obtaining Spanish citizenship. Most Filipinos in Spain work in various jobs and companies such as domestic and healthcare services, some individuals also work in education and government institutions. King Juan Carlos I and his wife Queen Sofia attended the 1998 centennial celebrations in Manila, commemorating 100 years of independence from Spain. The mediation of the Spanish King is said to have produced the pardon and liberation of