World Business: Assault on the Powerful

In the Philippine Republic, where political power and economic power are closely intertwined, few have ever played the double game so well as the brothers Lopez —Eugenio, 61, and Fernando, 58. The older and dominant brother, wizened, unsociable Eugenio. presides over "the Molasses Fund." the war chest out of which the Philippines' potent handful of big sugar planters underwrite the politicians of their choice. Personable Brother Fernando, the team's working politician, served as Vice President in the sleazy administration of President Elpidio Quirino (1948-53), and is currently president protem-pore of the Philippine Senate.

Wrong Bet. With easy access to government credit as...

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