[3][non-primary source needed] In June 1971, Elizalde claimed to discover a primitive tribe untouched by civilization, who lived in caves and survived by hunting and gathering.
It was only after the Marcos downfall that a Swiss journalist, Oswald Iten, entered the area and found the so-called Paleolithic tribe dressed in T-shirts and living in huts.
[5] He and his brother Fred J. Elizalde became involved in many businesses, such as mining, abaca farming, sugar centrals, tinplate manufacturing, paints, foods, distillery, real estate, rural banking, and agri-business.
Elizalde was the chief executive of several steel companies, which were favored and accommodated by the Marcos regime through funding and guaranteed access to lucrative markets.
In one instance, Elizalde raised the price for tinplate by 17% in 1980, and threatened to increase it with another 7.5% unless the government continued to charge tax on imported raw materials.