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
Steam beer steam beer, also known as "California common beer", was originated by Anchor Brewing Company, which trademarked the term "Steam Beer" in 1981. Although the modern company has corporate continuity with a small brewery which has made beer since the 1890s, Anchor Steam is a modern craft-brewed lager. The company does not claim any close similarity between its present-day product and turn-of-the-20th-century steam beer. There have been various explanations for the use of the name "steam beer". According to Anchor Brewing, the name "steam" came from the fact that the brewery had no way to effectively chill the boiling wort using