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

ECONOMIST: People power rides again

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%.

FORBES: Cambodia Tycoon To Launch New Airline With Philippine Flag Carrier