Official Gazette for February 27, 1973: THE PRESIDENT received three separate foreign economic missions which are currently conducting surveys on the feasibility of investing in the country. The first group, composed of English and Hongkong businessmen informed the President, that they had long wanted to invest in the country but were prevented from doing so by the peace and order problem. After observing present conditions, they said that everything was in proper order under the New Society and added that the present atmosphere makes them feel that investment will be secure David Stapleton of the W.I. Carr of England, whose volume of business reached P26 million last year, and William Garrett of Jardine-Fleming and. Christopher McMaster of Hongkong, said they have invested $2 million in the last two weeks and are prepared to put in a total of $500 million in investments in the Philippines. The second economic mission is composed of the Spanish Ambassador Nicolas Martin Alonzo. It was said that Spain imports some eight million kilos of tobacco from Cagayan annually, all of which are consumed by the Spanish smokers. The third economic mission which was composed of Spanish shipbuilding-officials, namely: Rafael Gomez, director general; Jesus Casa technical director; and Enrique Silvela, commercial assessor of Talleres y Varaderos, S. A. of Spain paid their respects to the President. They are here to survey the possibility of establishing shipbuilding facilities in the country.
SECRETARY OF FINANCE Cesar E. A. Virata, in a television interview, attributed the current sustained heavy transactions in the stock markets to the reforms introduced since the declaration of Martial Law in the country. Citing the market boom, the finance secretary urged big business corporations to consider issuing more shares to the public, particularly under-capitalized corporations which need additional capital for their expansion. The changes favoring the stock markets have been enumerated as follows: 1) Renewed confidence of the people due to the reforms that have been undertaken and the improvement of prices of many Philippine export products like sugar, logs, copra and copper; 2) Amendments to the Petroleum Act of 1949 and the issuance of a Presidential decree allowing service contracts; 3) Reduction of the transaction tax on shares; 4) The action of the Central Bank’s Monetary Board allowing foreign investors and depositors of dollars in the Philippines to buy and sell shares among themselves without limitations; 5) Introduction of liquidity into the market coupled with the increased expenditures of the government for development purposes; 6) A balance of payment surplus which has also improved the liquidity of the business sector.
ASSISTANT EXECUTIVE Secretary Roberto V. Reyes told a gathering of office heads that any success under the New Society will depend mainly on the total abrogation of the malpractices of the old system. Secretary Reyes said that in personnel recruitment and management, actions should no longer be based on the malpractices of the old society such as “palakasan”, influence peddling, and political interventions, but strictly on the basis of merit and fitness. He gave special emphasis on individual attitudes as key to meaningful reforms, in which men in the government should take the lead role. Mr. Reyes also explained that the imposition of Martial Law provided the proper atmosphere for the entering into a new and brighter era in our national life, a brighter future tor our country and people.
INTENSIFICATION of agricultural production and exploitation of natural resources can be done by a shift to labor intensive short-run crops in selected areas, expansion of irrigated lands to primary crops, and development of processing plants in forestry and mining. This is the gist of a speech delivered by DANR Undersecretary Jose D. Drilon Jr. at the National Science Development Board, at the opening of a series of seminars on “Promoting the Application of Science and Technology in the New Society.”
The crucial factors toward achieving agricultural production and exploitation, Mr. Drilon said, are circumspect planning and well-managed implementation. He said that shifts to short-run labor intensive crops like fruits and vegetables will multiply the usefulness of the chosen land areas, besides offering additional employment opportunities. Multi-cropping of vegetables, Mr. Drilon cited, could easily multiply two hectares of land to 9.5 crop hectares. On rice production, Mr. Drilon said that expansion of well-irrigated lands and the use of scientific production technology, particularly in typhoon-free regions, constitute a logical strategy to follow. Thus expansion of the irrigated lands is needed to make possible increased yields of primary crops over wider area-s. Increased yields mean not only increased incomes for producers but also incremental employment opportunities in activities involving the handling, transportation, storage, processing and marketing of these crops, he said.
Received the highly favorable report of the U.S. Senate Secretary Frank Valeyo which Majority Leader Mike Mansfield inserted into the records of the Senate—from Gov. [Benjamin] Romualdez. Exhaustive and penetrating.
I attach the telex in Envelope XLIV-A.
Met the London and Hongkong stockbrokers and investors, David Stapleton of W. I. Carr and Co., its Hongkong manager Mr. William McMaster and Mr. William Garrett, Finance Director of Jardine-Fieming, a subsidiary of Jardine Matheson, one of the biggest companies of the China coast.
The first is interested in long and large investments (about $500 million) if they find the right investment like San Miguel and Benguet Cons.
The second company is interested in developing real estate for sale to investors.
I attach papers on them. (Envelope XLIV-A).
Then met the Spanish tobacco monopoly and Spanish shipbuilders.
I attach the list of the delegations. The first has problems of too high prices and the second of lack of guarrantee [sic] for 14 fishing boats of 150 tons (90 feet). (Envelope XLIVA).
The Bangkok Post stopped printing the articles of [Benigno] Aquino [Jr.].
I attach the letter and report of Gen. [Manuel] Yan, our ambassador there, on the matter. Envelope XLIV-A.
The Basilan operations are proceeding well but the rebels used a land mine (perhaps a Claymore mine) on one of our APC’s [armored personnel carrier] on the 23rd in Jolo. This shows their increasing capability. I place reports on these in Envelope XLIV-A.
I have asked Henry and Ruby Martel to organize a corporation to exploit the new discovery of copper in Mati, Davao Oriental.
And Eng. Agonas and Marcopper to settle their quarrel over the copper mines in [Mindanao?] so that the copper can be mined—Cong. [Carmelo] Barbero mediating with tlte barrio people.
The nickel deposits in Digoyo, Palanan, Isabela of Fortune Mining under David Cruz should be exploited. I see them tomorrow.
The market corrected itself in the afternoon with a reduction of 15-20%.
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