I have decided that we should change the orientation of our economic plans.
There must be no declaration of our momentum forward, but concentration should be on:
- The sources of energy and
- Food and agricultural
We have to shift the expenditures set for the Manila area to the rural areas.
Energy—
- Oil exploration (us well as gas)
- Geothermal
- Hydroelectric
- Nuclear
- Others like coal, solar and charcoal fuel
Government itself must go into oil exploration. First project will be Isabela (Cagayan Valley) and press exploration by the private sector at a faster route.
Present gas deposits should now be exploited PNOC [Philippine National Oil Company] has contracted a drilling rig from Chinese National Oil.
Tiwi, Ormoc, Los Baños and Silay geothermal sites must now be explored. Union Oil is already in Tiwi and the New Zealanders in Ormoc. I have directed the order of guarantors from Toshiba.
I have ordered a new survey of sources of hydroelectric power and an acceleration of our nuclear powered plant.
We are experimenting on all .others. A solar battery is being set up by a Japanese company in the Malacañang Park to power (alternate) communications (100 watts).
There is a slight increase of rice prices due to hoarding and speculation by farmers mostly.
The world shortage in fertilizer and other products has not helped. I have ordered phosphate and guano to be mined.
It is unknown where this text comes from, because this entry is missing.
No Official Gazette entry for this day.
All our agricultural production should now be increased as much as possible.
Staples, abaca, pulp and paper, food grain, meat, fish are deficiencies we must immediately work on.
Prime Minister [Kakuei] Tanaka who has reach [sic] his lowest ebb in political popularity in Japan struck me as being confident. Although he maintains tl1at while Japan’s dollar reserves have gone down officially to $12.5 billion, he has about $10 billion unreported. And he says they will sutTer up to March but since he faces an election by June, then he will start moving by March. But by that time labor will be starting its “spring offensive.”
Prime Minister Lee Kuan Yew of Singapore admits his growth rate may go down to half because of the energy crisis. He says he has no problems of crude oil supply for his five big refineries which were supposed to produce from 980 million barrels this year but have apparently been reduced to 540 million. But this problem like all others is the price which has skyrocketed.
He was not arrogant but sharp and knowledgeable. And a much better golfer. He shot par golf except for a bogie because of 3 pars on No. 4, a sandtrap (two shots to blast out) in No. 7 and a missed birdie at No. 9. I birdied No. 7, parred all other holes except No. 4 which I bogied.
The production of dissolving pulp, staple fiber and rayon from the pine trees of the north has been ordered with credit support from the DBP [Development Bank of the Philippines], GSIS [Government Service Insurance System], NIDC [National Investment and Development Corporation] and Central Bank.
I have ordered government allowances to be given those whose salaries are below P600 monthly.
And the private sector must follow. But no increases in minimum wage so that we do not lose our international competitiveness.
Rates of public utilities and prices of oil products will now have to be increased. But the situation is still fluid. We must wait for a. f1nal settling of the international prices.
Rent and clothing must still be controlled.