Another of Mr Estrada's friends, a tycoon, Lucio Tan, has also appeared to benefit from the president's friendship.
He denied that he had extended favours to Lucio Tan, the owner of the tottering national flag-carrier, Philippine Airlines.
Take Lucio Tan, who controls the other large conglomerate in the Philippines.
Lucio Tan is accusing the food and beverage giant San Miguel of using dirty tactics to disrupt the operations of his Asia Brewery.
Investment banker made headlines in 1999 when he briefly stepped in as chief executive of then nearly bankrupt Philippine Airlines, replacing Lucio Tan.
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.
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.
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.
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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