Another of Mr Estrada's friends, a tycoon, Lucio Tan, has also appeared to benefit from the president's friendship.

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He denied that he had extended favours to Lucio Tan, the owner of the tottering national flag-carrier, Philippine Airlines.

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Take Lucio Tan, who controls the other large conglomerate in the Philippines.

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Lucio Tan is accusing the food and beverage giant San Miguel of using dirty tactics to disrupt the operations of his Asia Brewery.

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Investment banker made headlines in 1999 when he briefly stepped in as chief executive of then nearly bankrupt Philippine Airlines, replacing Lucio Tan.

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Consider, for instance, the business affairs of Lucio Tan, probably the wealthiest huaqiao tycoon in the Philippines and a close friend of Joseph Estrada, the former president.

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Joseph Estrada sat down to dinner with a pair of old associates - San Miguel Corp. chief Eduardo "Danding" Cojuangco Jr. and Philippine Airlines head honcho Lucio Tan.

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In a filing to the Philippine Stock Exchange, San Miguel, the part-owner of flag carrier PAL, along with billionaire Lucio Tan, confirmed the joint venture, in which PAL will hold 49%.

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Equitable is also looking to bulk up further, along with others like controversial tycoon Lucio Tan's Allied Bank - although the close friend of President Joseph Estrada has said he may sell 10th-ranked Allied if the price is right.

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And he may have a tough time keeping at arm's length longtime associates and political supporters like Philippine Airlines boss Lucio Tan and San Miguel tycoon Eduardo "Danding" Cojuangco - both Marcos-era cronies whose many business interests necessarily involve government.

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