The domestic sugar situation is deteriorating as there is no supply so the prices are high. The PCC (Price Control Council) cannot seem to do anything.
So I meet them with [Antonio] Tony Roxas Chua and [Alfredo] Piding Montelibano who has said in the hearings of the PCC that if they do not increase prices then they (the PCC) can look for their own sugar, rather arrogantly everyone says.
Dr. [D. S.] Zahvkar, the Asian IMF [International Monetary Fund] director has come to say goodbye as he retires from the IMF with the hope that he will be appointed as an Asian consultant.
He congratulates us for having not devalued but floated the peso anticipating the dollar and the pound.
The EEC [European Economic Community] has decided not to float their currencies.
And he believes the U.S. economy will improve this year although the prices are still up.
The Filipinos are adept in the recovery from calamity.
Official Gazette for June 28, 1972: THE PRESIDENT had a 30-minute conversation with Dr. D. S. Savkar, director of the Asian Department of the International Monetary Fund, who called at Malacañang to pay his respects before leaving for his home office.
During the call, the President informed Dr. Savkar that the Philippines was expecting an increase in exports because of the incentives being given for the promotion of exports.
“We have listed down all the countries with whom we have a trade imbalance and all potential markets for our products,” the President said, “and we are moving aggressively and systematizing our local sources.”
The President was informed by Dr. Savkar that the adoption of the floating rate has helped create confidence and bring in foreign investments, that the Philippines can achieve from seven to eight percent increase in the rate of growth of the Gross National Product (GNP), and that the direction taken by the country in promoting its export trade was correct.
The IMF official was accompanied to the President by Central Bank Deputy Governor Amado Briñas.
Other callers received by the President included some members of Congress and local executives who discussed with him matters concerning their constituencies.
In the afternoon, the President motored to the Rizal Memorial Stadium where he was guest of honor and speaker at the closing ceremonies of the week-long “Palarong Pilipino.”
In his speech, the President exhorted Filipino athletes to concentrate on certain sports events where they, because of their physique, would not be at a disadvantage in international tournaments.
He expressed the belief that Filipino athletes can compare in skill and excellence with the best and the most renowned in the world.
The joint-sponsorship of the “Palarong Filipino” by the Philippine Amateur Athletic Federation and the Sports Development Foundation of the Philippines, the President said, was a perfect example of how much an idea can be carried out.
The U.S. wants the surplus countries to participate with the deficit countries like the U.S. to settle Ute imbalance of trade. The surplus countries want a settlement of monetary policy first—the devaluation of the dollar. The U.S. wants a settlement of trade policy first as the surplus countries like Japan and Germany can sell less and buy more (with less surplus) Japan now has a reserve of $10 billion and Germany $7-8 billion.
Who will break the vicious cycle?
The U.S. has about $70 billion outside the U.S. with only $10 billion in gold to back them up.
The lMF has recommended SDR (Special Drawing Rights) or this amount for the US to repay over 15-20 years.
But this amount of $70 billion is in the hands of Americans through multinational corporations which has lent the money out through the money centers.
Reviewed the Reparations Program.
Met the congressmen.
Studied the needed political and economic reform.
Land Reform must be supported by more taxes on inheritance and income.
But industrialization must be pushed.