Philippine President Joseph Estrada may have only made things worse for his pal Dante Tan when he quashed talk of a cover-up at BW Resources, of which Tan is a major shareholder.
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.
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.