Business: Philippine Gold

In the hazy days of the Chinese empire, centuries before Magellan reached the Orient, the Igorots of Benguet mined gold in the Philippine hills. The Spaniards snatched off their gold earrings and beat them into crucifixes. Spanish-American War adventurers, trekking inland, were greeted by natives crying "Ado Balatoc Bantay!" ("Lots of gold in the mountains.") But geological disturbances, dense vegetation, frequent droughts and lack of modern machinery kept the infant industry of the Philippines from rapid development. Not until last year did Philippine business men really begin to discover how much...