Doroy [Teodoro Valencia] suggests that I talk to Chino [Joaquin] Roces and get him to come around to seeing our side. But we have tried this before.
Official Gazette for March 12, 1970: President Marcos for the most part was involved with his usual heavy deskwork in-between callers. But at about mid-morning, he put aside his chores to attend the ceremonies at Assumption Convent elevating to Star Scout a bunch of girl scouts including Irene, the youngest of the First Family’s brood.
Back at Malacañang, the President resumed his chores, including receiving, among others, Col. Simeon Medalla of the Philippine Veterans Bank; Bishop Mariano Gaviola; Mayor Amelia Gordon of Olongapo City; and Mayor Udtog Matalam, Jr. of Pikit, Cotabato. The President also saw Secretary of Social Welfare Gregorio Feliciano who brought a petition from a number of student leaders, seeking the improvement of the general well-being of college students in the Greater Manila area, including living conditions, school and campus facilities, and school fees. In response to the plea, the President created a special committee to inquire into the problems of students and plot solutions. The Cabinet committee is composed” of the Secretary of Foreign Affairs as chairman, and the Secretary of Social Welfare, the Secretary of Public Works and Communications, the Secretary of Education and the Executive Secretary as members.
Later, the President once more sat down with Senate leaders to further assess the urgent problems of the country, particularly those which could be solved by pertinent legislation. In the afternoon, the President met with a group of officials and leaders of the business community on the stabilization of commodity prices which lately have unreasonably spiralled upward. In the afternoon, the President held a two-hour meeting with representatives of importers, producers, wholesalers, retailers, processors of food stuffs and other prime commodities at the Maharlika hall in Malacañang. During the meeting, the President:
1. Appealed anew for cooperation in government efforts to bring down the prices of prime commodities; 2. Announced plans for the importation of prime commodities such as milk, meat and fish products in quantities sufficient to stabilize prices at reasonable levels; 3. Directed the Central “Bank to make available immediately $200,000 for the importation of prime commodities. The President said this is only an initial amount being made available to cooperatives. 4. Created a committee composed of Undersecretary of Agriculture Arturo Tanco, Jr. as chairman and the Undersecretaries of Commerce, Justice, and representatives of the Central Bank, Board of Industries and the Presidential Economic Staff as members, to reconcile the varied problems of importers, producers,, distributors, wholesalers and retailers, with the end in view of stabilizing prices of prime, commodities; 5. Was informed that the Federation of Filipino-Chinese Chambers of Commerce headed by its president, Ralph Nubla, and other importers were ready to turn over to the government all their stocks acquired at the old P3.90 to $1rate at very minimal profits, for distribution to the consumers, to show their readiness to cooperate with the administration; 6. Announced that the Free Trade Zone in Bataan is ready to take on imported prime commodities for storage and for distribution to the market as needed to stabilize prices.
Present at the meeting which was held from 4:30 to 6:30 p.m. were some 500 leaders of private business, including importers, wholesalers, food processors, retailers and heads of various business and commercial chambers. Also present at the meeting were Vice President Fernando Lopez, Secretary of Commerce and Industry Leonides S. Virata, Secretary of Finance Cesar E. A. Virata, Central Bank Governor Gregorio S. Licaros, Secretary of Justice Felix V. Makasiar, Executive Secretary Alejandro Melchor, Jr. and Chairman Placido Mapa, Jr. of the National Economic Council.
For the rest of the working day, the President worked quietly in his study, in the course of which he signed the designations of Esteban Buhat as acting City Treasurer, Jose M. Aquino as acting Chief of Police, and Ricardo E. Villena as acting City Assessor, all in the City of Batangas.
The Elizaldes have agreed to allow [Francisco] Kits Tatad my Press Secretary to write a column correcting the mistakes committed in the morning press specially the Manila Times. When we need to increase the circulation by 20,000 we would need per month 100 tons of newsprint at a cost of $15,000. But we would need three months supply as a standby.
We are also going to do this in radio by Kits and TV by somebody else. Leon O. Ty will now also start a TV commentary.
Conferred with the people who have anything to do on prices. Appointed Under Sec. [Arturo] Bong Tanco [Jr.] as the Chairman of the committee to attend to prices.
The plan includes importation by consumer cooperatives, tie-up of the agricultural or producer cooperatives and the consumer cooperatives directly or through the GMFTM [Greater Manila Food Terminal Market]. This may be the silver lining of this cloud of high prices and hoarding. The Phil. Wholesale Society has been given $200,000 to import essentials.
The importers of prime commodities (canned goods) are willing to give their entire supply to the government for distribution. I give them 5% profit only. The offer was made by the Federation of Filipino-Chinese Chambers of Commerce and big importers like Connell Bros.