Opened the Ecafe [Economic Commission for Asia and the Far East] with what must have shocked some of the members in an inaugural speech on the impatience of the peoples of Asia and the deficiencies of Ecafe in meeting this impatience; the failure to tie up social justice with economic development; the fault of both the developed and the developing nations; the unfairness of the requirement to increase foreign exchange reserves; trade barriers set up by the rich countries etc.
Met the leaders of the NP [Nacionalista Party] at [Bahay] Pangarap. They reacted sharply to my proposal that I do not participate in the local elections. So we have to prepare for the campaign.
Decorated Mr. Tristan Beplat, first Vice President of Hanover Trust who has led the bankers of America in helping out the Philippines with loans.
Official Gazette for April 20, 1971: President Marcos was guest of honor and speaker at the opening of the 10-day 27th ministerial session of the Economic Commission on Asia and the Far East (ECAFE), held in the morning at the Manila Hotel. In his speech, the President urged the ECAFE to accelerate the integrated development of the region, stressing that social progress must be pursued hand in hand with economic growth.
Stating that the “key resource of any nation is the human potential,” the President pointed out that the recent past has demonstrated “beyond dispute that neglect of the human factor can give rise to social instabilities which negate economic development.” He added that it could be accepted “as a universal rule that economic development is hollow at its core if it does not benefit the greatest number.”
The President also emphasized the lag in development of the region, attributing it to the population explosion, the inability of developing countries to mobilize their full potential for development, and the failure of developed countries to “reconcile principle with practice in extending assistance to less fortunate countries.”
Unless the “original meaning of international assistance is restored,” he said, the developing countries will remain in the grip of what he called the “trial of poverty.” This triad, he said, consists of:
First, the hardening of international loans which, along with “aid-tying,” constricts development. Second, the existence of immovable trade barriers which adversely affect first of all the developing countries. Third, The requirement for substantive international reserves which inhibits the mobilization of development resources by developing countries. The President said that it is the last factor which must be reviewed, “since its harsh impact is beginning to be felt by the less fortunate regions.
Earlier, the President worked at his desk, among others issuing a directive which gave to the Joint Committee on Financial Management the added responsibility of clearing the debts of government agencies and financial houses through a new system of procedures. The President left Malacañang at mid-morning for the Manila Hotel, arriving there at exactly 10 a.m. He was welcomed by U Nyun, executive secretary of ECAFE, and other officials of and delegates to the conference. He was back in Malacañang before noon, and conferred on Tristan Beplat, senior executive vice president of Manufacturers Hanover Trust Co. of New York, the Presidential Golden Heart Award, for distinguished services to the Philippines. Present at the award rites were the First Lady, Imelda R. Marcos, and a number of local leaders of the private sector.
In the afternoon the President broke away from his desk work to motor with the First Lady to the Manila International Airport, where they welcomed King Mahendra and Queen Ratna of Nepal. The royal couple planed in for a two-day stopover in Manila before flying on to Australia on a state visit. The President and the First Lady were back in Malacañang at about 6 p.m. Later they had a dinner with the Nepalese king and queen.
The second page of this entry is missing.