Official Gazette for February 6, 1973: GOVERNMENT EXPERTS are conducting tests of the oil samples discovered in Sulu, Mindanao proper, Cebu and Northern Luzon. The outcome of the tests and analyses of the samples will provide data that will guide any future program of exploration and development. In the meantime, an amount of $110 million is being offered to the Philippines by two Middle East countries at 6.75 per cent interest payable in 20 years without amortization. The offer is being made to a prominent industrialist by the representatives of these two countries who are presently here in Manila. However, there are still several offers being made to the Philippines. Among them are: a) First National City Bank’s offer of $50 million for the development of the Free Trade Zone in Bataan; b) The offer of the oil–rich Kuwait in the Middle East of financing the oil refineries in the Philippines and any project which has something to do with oil; and c). The offer being made to the Philippines through the first Lady Mrs. Imelda Marcos by Soviet Russia and Saudi Arabia.
PRESIDENT MARCOS issued Presidential Decree No. 116 amending certain sections of R.A. No. 2655, otherwise known as the “Usury Law”. The amendment was made to allow more flexible interest rate ceilings that would be more responsive to the requirements of changing economic conditions.
JAPANESE VISITORS are highly impressed by the new atmosphere of peace and the encouraging business climate in the Philippines. “We found many things conducive to investments, and we hope to come back with more of our friends,” a group of Japanese said after a round of visits extending from Baguio in the north down to Del Monte, Bukidnon in the south. The Japanese had come to Manila on the invitation of a local businessman, “to see for ourselves the changed atmosphere under Martial Law.” The highlight of their Philippine sojourn was an interview with President Marcos who told them, “We Filipinos welcome you and also your investments, especially on joint ventures and on loan basis.”
SEVERAL FIRMS FROM different countries have expressed their desire to import Philippine products such as cigars, bulk cement, fruit juice, veneer and plywood, and others. This was announced by the Department of Trade and Tourism after it had approved the export of cigars to Yugoslavia in line with the government’s move to promote trade with socialist countries. The order was made by Miss Nevenka Dzudzalia on behalf of the Yugoslavian embassy in Ethiopia. Other trade opportunities reported are importations to be made by USA, Singapore, and Canada.
BUREAU OF MINES Director Fernando Busuego disclosed that on several occasions, authorities have drilled and tapped oil in many areas in Cebu. The Mines director described the oil found in Cebu as “light gravity oil similar to kerosene.” Although he said “the output per well was still on the low side to be considered a commercial discovery, indications are that steps being taken by the government” will eventually lead to significant discoveries. Mr. Busuego disclosed that oil had been previously discovered in Cotabato, Bondoc and the Cagayan Valley. He predicted that “these discoveries and President Marcos policies to open the country’s door to foreign oil exploration firms will eventually lead to significant strikes.”
IF THE MASSIVE turnout of the public to pay their taxes all over the country is any indication of the people’s confidence in the government, then the present administration can really take a bow for the reforms it has initiated. In the first few weeks of the New Year, people have trooped to tax collection centers all over the country to pay their obligations, some of them long overdue, in business, real estate, inheritance and other taxes. The unusual tax consciousness of the people may have taken government offices by surprise. In many municipalities, official receipts have run out. During the first two weeks of January alone, many towns have run out of residence tax certificate forms.
PRESIDENT MARCOS expressed the hope that with the ceasefire in Vietnam, all the countries of Asia should now decide to start a period of development which can only be founded on complete peace and order. The President, in an informal interview, confirmed the fear that with the ceasefire in Vietnam, the North Vietnamese forces might be utilized elsewhere to start another conflict, but said that up to now there is no report of any further fighting anywhere. The President also directed the Department of National Defense and the Department of Foreign Affairs to organize the government effort to extend all facilities to help the American and Filipino prisoners of war who will be flown to Clark Air Force Base from Vietnam.
PRESIDENTIAL EXECUTIVE Assistant Jacobo C. Clave said that the agrarian reform program of the New Society “seeks to redress the tenants’ valid and legitimate grievances” without however depriving landowners of their basic
An international dollar crisis may have been staved off. But the US dollar is still wobbly. While the stocks in Tokyo, Hongkong and the U.S. have stopped going down, there is uncertainty.
And the Japanese yen may still have to be revalued. So in accordance with my Telex instructions Ambassador [Roberto] Benedicto has delayed the signing of the Manila and Suburbs Flood Control and Drainage Project loan of about $11 million but set in Japanese yen. So any revaluation after the signing would mean we repay more.
We must wait and see.
Imee may have to go back to Sta. Catalina, Monterey, California earlier—tomorrow or at least before the weekend. And security in that school is still a problem.
The International Commission is off to a shaky start in Vietnam.
The US is out of the war. But guerilla action will continue.
We have just apprehended the third syndicate of kidnappers for ransom.
ownership rights. Secretary Clave spoke at a conference of agrarian reform regional directors at the DAR office. “Agrarian reform must reconcile the interests of tenants and landowners,” said Secretary Clave. He urged land reform workers to intensify their information drive on the field level to preclude situations where tenants and landowners affected by Presidential Decree No. 27 unnecessary antagonize each other. Mr. Clave said that the promulgation of the rules and regulations implementing Decree No. 27 has been deferred precisely because the government is making sure it will arrive at a fair and acceptable arrangement for both tenants and landowners.
SECRETARY OF FINANCE Cesar E. A. Virata outlined to Bureau of Customs personnel the role of the customs in the overall program of the government to improve the country’s foreign trade posture and to boost its dollar reserves to propel economic progress and stability The secretary underscored the need to maximize revenue collection for the administration’s development projects. He also urged the facilitation of export processing to spur export trade and increase the country’s dollar earnings and foreign reserves. The function of customs has become more complex now because the new Tariff and Customs Code was so deigned not only for tax collection purposes, but to protect growing industries to develop their export potential. The customs can also perform its role to help in the development of the country by preventing the entry of “undesirable” goods which harm developing industries, destroy moral values, and contribute to the disturbance of peace and order, like guns and narcotics.
MEDICARE PROGRAMS now has a reserve fund of around P82 million obtained from gross collections amounting to P101 million as of Jan. 31, 1973, minus the expenses for Medicare recipients which totaled P19 million. Dr. Pacifico Marcos, chairman of the Philippine Medical Care Commission, in a speech before members of the Manila Public School Supervisors Association, attributed the growth of Medicare funds to the cooperation extended by government and private employers in remitting Medicare premiums to the Government Service Insurance System and the Social Security System. The Medicare commission is planning to use the reserve fund to expand the Medicare benefits and services to the legal dependents of GSIS and SSS members, and to increase the allowance for medicine and professional fees.
DEPARTMENT OF PUBLIC Works, Transportation and Communications said that work on cementing and asphalting of streets in the city was “30 to 40 per cent better than during the pre-Martial Law period,” as it reviewed the progress of work on streets in the Greater Manila Area which were destroyed during the July floods last year. Shortly after the floods, public works official estimated that it would take at least two years to complete repairs on city streets. But today, almost all city streets have been repaired or cemented. The department also started dredging esteros and repairing the drainage system in the Greater Manila area in preparation for the forthcoming rainy season. So far, 77,000 cubic meters of esteros in Manila have been dredged.
There is still some smuggling in Cavite and Batangas.
Contreras, the leader of the second syndicate of kidnappers for ransom specializing in Chinese fought it out with all of his gang using AK-47’s. But he was wounded and captured.
Some reports of guns being landed in Bulacan and brought to the fishpond of Francisco Soc. Rodrigo.
A bottle of oil was brought in by Eng. Eusebio Agonias from the drilling by Podco in Northern Cebu. But only 100 barrels a day so far.
This is the 4th strike but we must still determine if they are in commercial quantities.
Investments are coming in hordes. It is the peace and order situation and the certainty of protection.
Hongkong’s crime rate is worse than our worst before martial law. And so too is New York’s.