We are all taken aback by the mischievous attacks of Jimmy Ferrer against alleged political dynasties and listing me as the first of the political lords putting up a dynasty because of Elizabeth [Keon-Marcos] who is Vice Governor of Ilocos Norte and Kokoy [Benjamin Romualdez] who is governor of Leyte. I have refused to comment on it. I appointed him as Chairman of the Commission of Elections and the least I expected of him was not to side with my political detractors, if he cannot say anything good about me. He speaks of decency when he has shown none.
And Com. [Salvador] Mascardo of the MIA [Manila International Airport] has gone out of his way to embarrass Imelda about the baggages that were jointly shipped with hers calling photographers (and they willingly complied specially [Manuel] Maning Silva of the Times who is carried and paid as a NICA [National Intelligence Coordinating Agency] agent) to photograph the baggages and place a caption which insinuated that there was an attempt on the part of other members of Imelda’s party to smuggle in goods—which, of course, was completely false.
Then Gov. Jose Mangsinlac of Tarlac has come out with statements pointing to Mayor Lino David of Tarlac, Tarlac as having ordered the liquidation of the eight barrio officials of Sapang Tagalog for the killing of three of his policemen, thus freeing both the PC [Philippine Constabulary] and the Huks from the killing.
But these problems are inconsequential and insignificant compared to the real problems the country is facing. For these are merely problems created by falsification and distortions with the aid of the media.
Thus Dr. Zahvkar of the IMF [International Monetary Fund] has arrived for the midyear reassessment of the domestic monetary situation. It was he who had predicted that the floating rate would ultimately settle at P5.50. It is now at P6.15-P6.20. We have to obtain a redefinition of government credit because even the P586 million worth of bonds sold by the DBP [Development Bank of the Philippines] has been classified as
Official Gazette for June 28, 1970: President Marcos went over state papers in his private study.
At about 1:20 p.m., the President met with some town and. barrio officials of Tarlac and Pampanga, who consulted him on problems of their constituencies, and reported on activities of dissidents in their localities.
The municipal officials present at the conference were La Paz Mayor Venustiano G. Martinez, Concepcion Mayor Rafael Suarez, Magalang Mayor Daniel Lacson, San Simon Mayor Lamberto Punzalan; and Barrio Captains Adriano Bato, Juan Alfaro, Loreto Manuel, Oscar Torres, Cerilo Juanatas, Jose Montoya, Felipe Angala, Eduardo Reyes, Pablo Cunanan and Eficinto Cuthon.
Also present were Secretary of National Defense Juan Ponce Enrile, General Manuel T. Yan, AFP chief of staff; Brig. Gen. Eduardo Garcia, PC chief; and Brig. Gen. Felizardo Tanabe, IPC zone commander.
The President continued his paper work later in the afternoon.
Salvador Mascardo, Collector of Customs at Manila International Airport, was one of the eight children of Revolutionary General Tomas Mascardo.
indebtedness of the government when all except P27 million was plowed into the private sector. Some P50 million from the Central Bank was also equally misclassified. Then we must redefine and reset a new ceiling of loans and guarantees now set at $100 million. One or two projects will hit the ceiling.
Then the Seato [Southeast Asia Treaty Organization] Ministers Conference begins on the second of July. Secretary of State [William] Rogers arrives on the 1st and I see him at 6:00 PM. I will take up the state visit now set for August 18, the sugar act which expires next year, the status of military assistance and the American policy in the [sic] Asia.
If the sugar quota is not re-extended by the U.S. Sugar Act we fall back on the Laurel-Langley Agreement which expires in 1973. Our dollar earnings from sugar this year will reach $200 million. If we lose this annual dollar earnings, our economy will flounder.
People did not realize it but the restructuring of our external debts was also a crisis. If we had failed to do so, our monetary stability would have been shaken seriously as we were due to pay $254 million and we did not have the dollars to pay it with.
The passage of the export tax bill and the appropriation act was another crisis.
Now we have the second special session tomorrow and such important bills as the quarterly corporate income tax, the export incentives, oil exploration, agricultural cooperatives, the land reform fund, the peace and order fund, etc.
The problem is still economic. All the other problems are merely annoying but time will ultimately solve them. They are not critical.
The critical problem is monetary and economic