President Gloria Macapagal Arroyo has recalled a controversial order issued by ousted former president Joseph Estrada, which had been designed to settle a longstanding ownership dispute over San Migue…
President Gloria Macapagal Arroyo has recalled a controversial order issued by ousted former president Joseph Estrada, which had been designed to settle a longstanding ownership dispute over San Miguel Corp., the Philippines“ top food and beverage firm. The 14-year-old row revolves around a 47% stake in San Miguel that the government seized in 1986, claiming it had been bought using public funds. An investor group led by San Miguel Chairman Eduardo Cojuangco has been fighting the government“s claims ever since. Finance Secretary Alberto Romulo“s earlier recommendation for a recall of the order had already raised questions over the future of San Miguel and the government“s role in the management of the food and beverage conglomerate.