The news is all good news. There is optimism and high expectations everywhere.
Free flowing oil was brought from the drilling site of Southern Sierra Madre at Cotabato by Delegate Gilberto Duavit. Fine and clear. Better looking than the oil found in Cebu.
Official Gazette for February 15, 1973: PRESIDENT MARCOS signed a presidential decree governing the establishment of investment houses and prescribing the rules for their operation. The decree, known as “The Investment Houses Law,” defines the scope and functions of an investment house to include any enterprise which engage in the underwriting of securities, buying or selling securities of other persons or enterprises. The new law directs the Securities and Exchange Commission not to register the articles of incorporation of any investment house which does not comply with the provisions of the decree with respect to the amount of capital, the proposed organization, direction and administration, integrity, experience and expertise of the organizers and the proposed managerial staff, and the assurance that the enterprise, will be conducted with financial prudence. All enterprises already in operation as investment houses prior to the promulgation of the decree, are required within six months to file information sheets with the SEC containing the necessary data about their organizations and operations to enable the SEC to determine whether they meet the prescribed requirements.
SECRETARY OF INFORMATION Francisco S. Tatad revealed that although the Philippines stands to lose in its external debts because of the recent dollar devaluation, these losses will be offset by gains in; our non-dollar and gold assets. During a briefing, the secretary said that the country incur the following losses in our foreign debts: $11 million this year, $2.7 million in 1974, and $5.4 million in 1975. After 1975, there will be still losses, but these will be negligible. However, gains in our non-dollar and gold assets are expected to reach between $58 and $60 million, broken down as follows: $10 million in non-dollar currencies (yen, deutchmark) and between $48 and $50 million in our gold assets. It was also reported, that prices of commodities quoted in US dollars are expected to remain at present levels, while prices of imports from Japan and Europe are expected to rise. This will result, the secretary said, in a reduction of demand for Japanese and European imports. A shift of importation to the United States is expected to offset the ill-effects of high importation costs from Europe and Japan.
BOARD OF TRANSPORTATION told all delinquent transportation and other public utility operators to settle all their unpaid obligations like fines, supervision and regulation fees, on or before Feb. 28, 1973. Total collectibles amount to P46,308. Failure to settle these obligations will force the BOT to cancel their franchises and/or certificates of public convenience and/or certificates of public convenience and necessity.
PHILIPPINE MEDICAL CARE COMMISSION (PMCC) issued instructions for establishing the identity of legal dependents of members of the Government Service Insurance System (GSIS) and the Social Security System (SSS) who may seek admission in hospitals as Medicare beneficiaries. The PMCC said that pending the release of the Medicare legal dependent identification form, the GSIS or the SSS member whose legal dependent is to be hospitalized should accomplish the following: 1) A certification signed by him stating that the person he claims to be his legal dependent is indeed his legal dependent; and 2) Authentication of his signature through certification issued by his employer. The PMCC has considered the following as legal dependents: 1) The legitimate spouse; 2) The unmarried and unemployed legitimate and legitimated children who are below 21 years old, and 3) Parents who are totally dependent for support on a son or daughter who is a member of the SSS or GSIS.
TRAUMATIC INJURIES (inflicted by wounds, shock and others) admitted for treatment at the Dr. Jose Reyes Memorial Hospital registered an unprecedented low after the proclamation of Martial Law, according to records of the Department of Health. The reports showed a marked decline three months after the imposition of Martial Law on the following cases; maulings, from 4,451 to 1,007; vehicular accidents, 2,919 to 799; stabbings, 1,502 to 317; shootings, 486 to 31. Total of cases admitted for treatment dropped from 9,358 to 2,154 showing a difference of 7,204; traumatic operations dropped from 3,305 to 828. Traumatic cases came from all parts of Manila but the greater number came from Tondo, due perhaps to its heavy population and to Tondo’s proximity to the hospital. The district of Binondo registered no case after the imposition of Martial Law.
The Germans are coming to the Philippines to invest. Now it is a factory for industrial refrigeration.
And many other offers.
The prices of our exports are going up. Copper may go up 100% as the biggest copper producer has close [sic] up two of its biggest mines. Logs have gone up to $47-50 a cubic meter.
We have just received an offer of 600-700,000 tons rice IR-8 from Pakistan at $145 FOB [free on board?]. Shipping costs may be 7-8 dollars.
The price of rice and other staples will go up. So if we get the option and cannot buy it we can always sell it.
Gold is up beyond $72 an ounce. The marginal mines will operate at a profit.
And offers for agricultural development are arriving every day.