Chase Manhattan Corp.'s investment banking arm, making a big push for business in the world's emerging markets, is proving you can package almost anything into a security.

Among the more unusual offerings is a deal backed by anticipated Philippine Airlines ticket sales, in which Chase is securitizing assets not yet on the client's books. Sources said that investor interest in the Philippine offering, which came to market last month, has been so strong that it has been expanded to $75 million from its original $50 million.

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