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United States Foreign Investments Philippines

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BUSINESS
January 29, 1988 | From wire and staff reports
Mattel, the maker of Barbie dolls, Hot Wheels and other toys, is pulling out of the Philippines following a bitter strike at its Manila facilities. "The decision was a culmination of a series of union and labor force actions that hampered our ability to operate there," a spokesman for the Hawthorne-based company said Thursday. Mattel's exit, the first by a major American corporation since President Corazon Aquino came to power two years ago, will eliminate about 4,000 jobs in that country.
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BUSINESS
November 24, 1996 | JAMES FLANIGAN
They couldn't have picked a better place than Manila to host the Asia-Pacific economic summit. The Philippines, a poor country with a rapidly growing economy, reflects many of the promises and problems of Asia's development. Cheap labor is still the Philippines' main asset in attracting investment and increasing economic growth, whereas neighboring nations such as Malaysia have moved further up the chain of modern industry to sophisticated multimedia products.
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BUSINESS
March 18, 1993 | SCOT J. PALTROW, TIMES STAFF WRITER
Opening arguments began Wednesday in a civil lawsuit against Westinghouse Electric Corp., culminating a five-year drive by the Philippine government to call a major American company to account for allegedly bribing the country's former dictator. The suit in federal court here charges that Pittsburgh-based Westinghouse paid about $17 million in bribes in exchange for a contract to build a $2.2-billion nuclear power plant that has never been used.
BUSINESS
October 10, 1994 | RAY DELGADO, TIMES STAFF WRITER
Some American capital is flowing at Subic Bay, the former giant U.S. naval base that is now a special economic zone. And Clark Field, the former U.S. air base, has received special designation to attract investment. In the past two years, since the United States was ousted from its vast military facilities in the Philippines, the government there has waged a steady campaign to get the Americans back--armed not with military hardware, but cash.
BUSINESS
March 5, 1992 | CRISTINA LEE, TIMES STAFF WRITER
A Fluor Corp. unit has been awarded a contract valued at $400 million to expand an oil refinery in the Philippines for a subsidiary of the Netherlands-based Royal Dutch/Shell Group. The project for Pilipinas Shell Petroleum Corp. is the largest single contract for Fluor in the Philippines, said Fluor spokeswoman Deborah Land.
NEWS
August 17, 1990 | From Reuters
Philippine Defense Secretary Fidel V. Ramos on Thursday ordered increased security around U.S. installations and private companies in the Philippines after a threat by right-wing army rebels to launch an anti-government offensive. He told reporters that he had ordered a security alert around potential U.S. targets, "to make sure that U.S. installations, including those in the private sector that are very vulnerable and sensitive to harassment and bombings, are fully protected."
BUSINESS
June 30, 1990 | United Press International
Nynex Corp. has won two contracts to provide management services to the Philippines Long Distance Telephone Co. Nynex will help the company formulate a strategic marketing plan and assist it with engineering-related activities.
NEWS
August 2, 1987
The Philippine government sold for $1 million an East Coast estate that was won from ex-President Ferdinand E. Marcos in a New Jersey court case. The liquidation of the New Jersey property--a home and 13 acres near Princeton--was the first in the United States since the Commission on Good Government was formed by Philippine President Corazon Aquino to recover the allegedly ill-gotten foreign holdings of Marcos, lawyers in the case said.
NEWS
June 5, 1987 | Associated Press
A federal appeals court Thursday overturned a lower-court order freezing the assets of Ferdinand and Imelda Marcos and said the government of Corazon Aquino has little chance of winning its suit claiming that the Marcoses stole $1.5 billion from the Philippines. By a 2-1 vote, the U.S. 9th Circuit Court of Appeals said the Aquino government's contention that the couple's U.S.
BUSINESS
March 18, 1993 | SCOT J. PALTROW, TIMES STAFF WRITER
Opening arguments began Wednesday in a civil lawsuit against Westinghouse Electric Corp., culminating a five-year drive by the Philippine government to call a major American company to account for allegedly bribing the country's former dictator. The suit in federal court here charges that Pittsburgh-based Westinghouse paid about $17 million in bribes in exchange for a contract to build a $2.2-billion nuclear power plant that has never been used.
BUSINESS
October 5, 1992 | From Times Staff and Wire Reports
Envoy Supports Economic Reforms: The new U.S. envoy to Manila gave a cautious endorsement of foreign investment in the Philippines, saying prosperity hinges on economic reforms pledged by the Ramos Administration. "The preconditions for an economic takeoff are either in place or in design," Ambassador Richard Solomon said. "For the Philippines government, economic reforms are the order of the day," said Solomon, who became ambassador a month ago.
BUSINESS
March 6, 1992 | From Associated Press
Despite a clean report by officials investigating media reports of "slave labor" conditions, Levi Strauss & Co. severed ties to the owner of a garment factory in Saipan that federal prosecutors accused of failing to pay overtime to contract workers. Levi's contracts with five other garment factories on the Pacific island are not affected by the decision, spokesman Dave Samson said. The U.S.
BUSINESS
March 5, 1992 | CRISTINA LEE, TIMES STAFF WRITER
A Fluor Corp. unit has been awarded a contract valued at $400 million to expand an oil refinery in the Philippines for a subsidiary of the Netherlands-based Royal Dutch/Shell Group. The project for Pilipinas Shell Petroleum Corp. is the largest single contract for Fluor in the Philippines, said Fluor spokeswoman Deborah Land.
NEWS
September 27, 1990 | From Times Staff and Wire Reports
Suspected leftists exploded bombs and fired guns in the air near the U.S. Clark Air Base and unidentified men bombed the offices of three multinational companies in Manila, police said. Police in Manila said bombs were thrown into the compounds of the U.S. firms Colgate-Palmolive, Squibb and Wyeth-Suaco Laboratories, causing damage but no casualties.
NEWS
August 17, 1990 | From Reuters
Philippine Defense Secretary Fidel V. Ramos on Thursday ordered increased security around U.S. installations and private companies in the Philippines after a threat by right-wing army rebels to launch an anti-government offensive. He told reporters that he had ordered a security alert around potential U.S. targets, "to make sure that U.S. installations, including those in the private sector that are very vulnerable and sensitive to harassment and bombings, are fully protected."
BUSINESS
November 9, 1989 | From Reuters
Philippine President Corazon Aquino on Wednesday oversaw the successful start of trading in the First Philippine Fund Inc., becoming the first head of state to inaugurate a stock issue in the history of the New York Stock Exchange. Aquino stood beside NYSE Chairman John J. Phelan at an oak lectern on a marble rostrum overlooking the exchange floor as the bell rang to start the trading day. She was greeted with applause by traders and brokers.
BUSINESS
June 30, 1990 | United Press International
Nynex Corp. has won two contracts to provide management services to the Philippines Long Distance Telephone Co. Nynex will help the company formulate a strategic marketing plan and assist it with engineering-related activities.
NEWS
April 4, 1990 | WILLIAM C. REMPEL, TIMES STAFF WRITER
The late Philippine dictator Ferdinand E. Marcos stashed millions of dollars in overseas banks and secretly invested in New York real estate to accumulate a "defense fund" to finance recovery of his country if communist insurgents took over, an attorney for his widow said Tuesday. He did it to be able to buy guns and whatever else would be required to "take back his country," said attorney Gerry Spence. And he did it because that is "what the CIA told him to do."
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