Signed the new tariff code and other decrees.
Ordered the arrest of notorious smugglers specially embroidery firms who have lamented the law so long ostensibly importing raw materials for embroideries, foundation garments, children’s dresses, gloves, etc. but actually selling some if not most of the raw materials in the local market thus escaping tariff duties and taxes and lessening our exports.
Also order the arrest of notorious dynamiters who continue their nefarious activities notwithstanding our warnings.
Official Gazette for October 27, 1972: ARREST and detention of persons engaged in trafficking or black-marketing of US dollars or other foreign or local currency, as well as those engaged in dynamite fishing and the sale or distribution of dynamited fish, was authorized by President Marcos. The President gave the authority through General Orders Nos. 2-B and 2-C on currency black-marketing and on dynamite fishing, respectively, amending in the process General Order No. 2 dated September 22, 1972, as amended by General Order No. 2-A. General Orders 2 and 2-A define the persons or individuals to be arrested for various crimes or infractions of the law and “for acts inimical to the government, the state and the people.”
The President also issued Decree No. 30 amending the National Internal Revenue Code and introducing a system of withholding tax payment on a quarterly basis for corporations. In signing the decree which adopted a bill pending in Congress before the proclamation of Martial Law, the President said there is need to ensure the continuous and even flow of revenue collections in order to provide ready financing for essential government operations and projects. In order to achieve that desired end, he said, it is necessary to introduce a new system of income tax payment on a quarterly basis that is both advantageous to the government and the taxpayer.
Another Presidential Decree issued by the Chief Executive authorized an increase in the subscription of the Philippines to the capital stock of the Asian Development Bank (ADB). The Bank had approved an increase in its authorized capital from $1.1 billion to $2.75 billion to enable it to maintain the pace of its assistance to developing member-countries. The corresponding increase in the Philippine subscription is $43 million in callable capital and P18.3 million in paid-in-capital. The Philippines has been the recipient of various loans from the ADB aggregating $82 million. This amount has partially satisfied the great need of the Philippine government for funds to finance its economic development projects.
“To facilitate the implementation of the social reform program of the government designed to improve the economic conditions in our country and the life of our people,” the President issued Letter of Instruction No. 34 directing the People’s Homesite and Housing Corporation to take immediate steps toward the acquisition of the Tatalon Estate located in Quezon City, “in its entirety or so much thereof as may be necessary for the purposes stated in Republic Act No. 2616, by negotiation with the known and registered owner or owners thereof or, should this be not feasible, by expropriation pursuant to the aforesaid law.”
The President, in the same letter, directed the Secretary of Finance, the Commissioner of the Budget and the Chairman, Reparations Commission “to set aside, certify and or make available immediately the sum of ten million pesos (P10,000,000.00) as provided for in Republic Act No. 2616 or so much thereof as may be necessary to carry out effectively the objectives herein mentioned; and for this purpose, to devise and employ ways and means of raising the necessary funds, including the use of government bonds, as well as of proceeds from reparations payments under the Reparations Law.
The President, likewise, directed the Mayor of Quezon City to secure the area immediately and prevent any person not contemplated as beneficiaries, from entering and occupying any portion of the estate, and to render such assistance as may be necessary or as may be requested by the PHHC general manager in connection with the implementation of his Letter of Instruction.
The momentum of reform is being maintained.
But we must keep on pushing into the other areas. BIR [Bureau of Internal Revenue] reorganization as well to increase collections is necessary because we are facing deficits of more than P1.5 billion.