Am still awaiting word from the conference committee on the stabilization tax on whether they have agreed on the version that we worked out. Substantially as we agreed in the caucus but 25% of proceeds to be sterilized in a special fund in the Central to be spent only by Congressional authorization; the prohibition of additional indebtedness when there is inflationary dangers and the categorization which is the subject of contention in the Savoy Hotel conference committee meeting.
My feeling is that Sen. Pres. [Gil] Puyat, Majority Floor Leader [Arturo] Tolentino and Chairman on Ways & Means [Wenceslao] Lagumbay are protecting their private interests—setting 10% for the big exports (logs, copra, sugar and copper concentrate) and 8% for the rest including dessicated coconut plywood of Puyat, Lagumbays and Tolentinos retainers.
Official Gazette for April 28, 1970: President Marcos certified to Congress a number of urgent bills, among other matters he Look up during a long stint at his desk, which extended through almost all of his working day; from 8:00 in the morning to well over 8; 00 in the evening.
The certified bills are: 1) House Bill No. 491, which seeks to propose that governing bodies or heads of offices concerned should be jointly liable with the collecting agent for the non-remittance of premiums. 2) Senate Bill No. 253, which seeks to amend the GSIS charter. 3) Senate Bill No. 28, which seeks to prohibit and penalize shipments of explosives and flammable corrosives or poisonous materials in passenger aircraft, and regulating the shipment of the same materials in cargo aircraft. 4) House Bill No. 1537, a consolidation of House Bills which seeks to create a Peace and Order Fund, to be constituted from the proceeds of the tax on travel and the tax on securities transactions, and for which purpose would amend Republic Act No. 1478, as amended, and the National Internal Revenue Code. 5) House Bill No. 679, and Senate Bill No, 74, both of which seek to accelerate national community development, converting for the purpose the Office of the Presidential Ann on Community Development into a regular department. 6) A proposed bill authored by Senator Alejandro Almendras which seeks to amend Section 3 of Republic Act No. 6124, also known as the Price Control Law.
Occasional breaks occurred during the clay, such as the courtesy call of T. P. Wu, a Taiwanese who has been here studying local pulp production well qualified for the task, Wu is a manufacturer himself, and is involved with several companies in Taiwan concentrating on this medium. He promised to make a report on his observations here.
The President at some time in the morning had two interviewers from overseas papers, one with Kenneth Gotti of Business .Asia; the other with Robert Novak of the Washington Post.
Conferences made up the rest of his day, with Secretary of Finance Cesar E. A. Virata coming in with economic matters to discuss; Customs Commissioner Rolando Geotina with a report on customs collections; and Dr. Manuel Lim, chairman of the Price Control Council, with recommendations for the amendment of the price control law.
As usual, the President rounded out his day late in the night, with certain matters to study further. He ordered the immediate reactivation of the task force which spearheaded the anti-carnapping campaign in the past, with orders to nip the resurgence of widespread carnaping. The task force was placed under the supervision and control of the chief of constabulary.
If this is the only way to pass the bill we will have to accept the categorization although [Marcelino] Lening Veloso who feels that the congressmen have been kept out of the deals with the exporters says the House wants only one category and a flat rate of 10%. The Secretary of Finance is there with them.
Greg[orio] Licaros called me up to say that we may get the $50 million loan by Thursday.
My stamina is increasing. A daily heavy exercise routine morning and afternoon and I do not feel tired.