[p.89] The report of the IMF [International Monetary Fund] and the solution acceptable to them has come in with Gov. [Gregorio] Licaros. It is a multiple rate—a floating rate for all imports. All earnings of principal exports of copra, logs, sugar and copper concentrate to be surrendered to the Central Bank at the legal rate of P3.90 to the dollar except for 20% which will be allowed to be retained by the exporter and sold at the floating or free rate. Imports of luxuries and travel should be restricted. This will be an industrial development scheme. All the lesser exports will benefit and will be encouraged.
It should be approved by our Monetary Board by now, effective tomorrow, Saturday, morning at 6:00 AM to coincide with the approval of the IMF Executive Board in Washington. We must watch prices.
Met with [Henry] Byroade and Jim Rafferty to offer my personal apologies. Those crazy Americans for a time thought that I had deflected the rallies from Malacañang to the U.S. Embassy to get them involved. Ridiculous!
But [Carlos] Romulo is getting senile. That note of his in answer to the stiff protest of the Americans was off the beam. It speaks of there being valid ground for the attacks against the Americans and the Americans to ponder on the solution of the problems between the two countries. I have to replace Romulo soon. This is not the way to treat a wounded ally.
More and more people are demanding sterner measures against the demonstrators. The Chamber of Filipino Retailers and small merchants demand protection for life and property.
Met with the Moslem student leaders with their demands—specially Zamboanga and Basilan.
No Official Gazette entry for this day.
Romulo was generally seen as an “Amboy” cf. Chroicle 11 Feb. 1970 p.16 Roces column “Romulo’s identity as US lackey.”