THE PHILIPPINES
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State-Owned Airlines Handed Over to New Owners: The government handed over control of Philippine Airlines to the private sector last week and its new owners said they will transform it into a world-class airline. A new board was elected hours after the government formally turned over a 67% stake in the 51-year-old company to a new consortium called PR Holdings. Elected chairman and president was businessman Antonio Cojuangco, a nephew of President Corazon Aquino. He heads the consortium that clinched the deal for $375 million in an auction in January, government officials said.
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