The Philippines: Mr. Five-Year Plan

On a spit of land overlooking Manila Bay, a glistening, 205-ft. tower spewed steam one day last week—and the technicians who watched could hardly have been more excited if they had just launched a moon rocket. The tower is the heart of the first oil refinery in southeast Asia to be controlled and managed by Asians. Sprawled across 230 acres 22 miles south of Manila, the Filoil refinery will ultimately turn out 17,000 barrels of high-octane gasoline and other products daily. "This," said Filoil President Ramon V. del Rosario. "is a dream...

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