A leading liquor company in the Philippines which sells brandy and gin among others, reported a 300 percent rise in profits last year as more people drink in times of crisis.

Tanduay Holdings Inc., said the sale of a special purpose company intended to buy and sell bank's bad assets, also helped pump revenues.

In a statement, a copy of which was obtained by AHN, Tanduay said its earnings for 2008 reached $8.4 million, up more than 300 percent from its $1.9 million net profits posted a year earlier.

It said that the firm sold Unimark Investments Corp., a special purpose vehicle (SPV, that buys foreclosed properties from banks and sells them at a profit, in t2008.

As the economic crunch bites the Philippines, Tanduay said it sold 17.7 million cases of liquor last year, more than the 15.2 million cases it sold in 2007.