The Philippines were under U.S. Administration from the end of the Spanish-American War (1899) until 1935. In 1928 , stamps of the Philippines regular issue of 1917-25 were overprinted "L.O.F." to commemorate the London-Orient Flight made by a squadron of British seaplanes (Scott #C18-28). The Philippines were an important staging post on all major world flights of the twenties and thirties and the definitive series was overprinted in connection with these events on six occasions between 1926 and 1936. 6,000 sets were issued, and Scott '13 prices the unused set at $136.25 ($230.- for NH) .The set has multiple market appeal among collector of the Philippines, U.S. Possessions, and Aviation Topicalists. Though I often counsel obtaining expertization when purchasing stamps with overprints, in this case it's unnecessary, because the set is too inexpensive to warrant it, and there isn't a huge difference in value between the overprints and the basic stamps.
As a newly democratic country of 92 million which is moving away from from its centuries-old complete dependence on agriculture, the Philippines could turn out to be one of the most successful emerging markets in the Pacific Region. The government tends toward fiscal conservatism coupled with long-term economic planning, and annual GDP growth has been around 6%-7%. Barring extreme political instability, it is likely that the Philippines will be one of the fastest growing economies over the next decades.
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