The American panel has adopted an apparently uncompromising and immovable stand that the military facilities given for their use be “associated” with the Philippine bases. This is supposed to be the instructions from Washington.
I have told the Philippine panel this violates the [Gerald] Ford-Marcos communique of December 1975 which recognizes the American military bases as Philippine bases. And the American proposal now would make the facilities separate bases for the Americans “associated” with the Philippine bases.
So we may be facing a crisis.
Ronnie [Geronimo] Velasco reports the Sampaguita I at Reed Bank (by Salen) may have hit it again. The well will go as far as 13,500 and the signs of gas may indicate we have hit oil again.
These prospects of oil and the increase in the price of exports (the drought in Europe is bringing up prices of sugar and coconut oil) will improve our BOP [balance of payments].
The price of copper seems to have steadied at around 76 cents a pound up from 55 cents.
And the U.S. seems to have really recovered from the recession.
So we are holding back on the sale of sugar (we have stocks amounting to about 1.6 million tons right now).
And encouraging accelerated production of agricultural products. We are building five more sugar mills; pushing the replanting of coconut lands with the new hybrid; and opening up new copper mines.
I have issued the attached orders.
No Official Gazette entry for this day.
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