THE ONLY GAME IN TOWN

JOSE GO IS BETTING big on golf. The Philippines currently has 68 courses. Another dozen will be built within 18 months, of which three belong to Go. The billionaire retailer reckons that eventually about 15% of his group's earnings will come from golf resorts. To Go, just an average player himself, green is foremost the color of money.

It is not surprising why. When Go built his Evercrest golf resort outside Manila just two years ago, he sold the first 1,000 shares at up to $25,000 each. The $17 million raised covered the cost of the development. Now he is marketing the remaining 1,000 shares at close to twice the original price. This will gain him some $42 million - all profit.

Golf, long popular most elsewhere in Asia, is finally in full swing in the Philippines. Rising incomes and increasing leisure time among Filipinos have fueled the bonanza. So have overseas visitors. Many of the courses in the Philippines are world-class, yet golfers do not have to pay hefty amounts to play them. Local green fees average only 1,500 pesos (about $57) while caddy charges are about 300 pesos for 18 holes. These figures are a quarter or even less of what a golf buff will shell out in Japan. Says Eduardo Ermita, president of the Golf Association: "The Japa-nese enjoy golf here more than they do in Japan."

Many other people also appreciate golfing in the Philippines. Early last year, the country hosted the prestigious Johnnie Walker Classic. And this November, the world amateur golf team championship will take place in the country. Says Ermita: "The Philippines is fast becoming Asia's golf [center]."

Other countries may dispute that assertion. But there is no arguing that golf has become big business in the Philippines. Over the years, the values of shares in clubs and resorts nationwide have jumped manifold. Octavio Espiritu, the president and CEO of Far East Bank - handicap: 5, probably the best among local bankers - bought his membership in the Manila Golf Club for about $27,000 in 1983. Today, it is worth nearly $1 million.

Such mouth-watering valuations have persuaded many companies to venture into golf. Property developers and hotel chains lead the way. But getting involved, too, are businesses with no connection to the game at all. Espiritu's Far East Bank has a 20% stake in a 300-hectare development in southern boomtown Cagayan de Oro which will feature an 18-hole course. Another three banks - Solidbank, Metrobank and Philippine Commercial International - are taking a 10% stake in the $192 million, 277-hectare Splendido Taal residential village and golf resort overlooking the Tagaytay volcano in northern Cavite Province. It will boast a course designed by top Australian pro Greg Norman. Even the military's pension fund is investing in two courses.

The game has also been boosted by President Fidel Ramos - handicap: 16 or 17, depending on what kind of day he is having. He spends plenty of time on the greens, patching up cabinet squabbles, broking a joint venture or barking orders to rescue the latest kidnap victim. Ramos often makes it a point to visit, if not inaugurate, new courses.

Not everyone is happy with the growing number of courses. Envi-ronmentalists believe they waste water, use pesticides harmful to people and animals and feature sandtraps made of ground coral. Ramos has declared that courses must require environmental clearance certificates. Given golf's growing value, the government can expect to be deluged with green applications for greens for years to come.