With the country and people moving forward steadily, investments coming in, confidence reinstated, people hopeful and achieving, there is pride for our Republic and notion.
Official Gazette for March 2, 1973: THE PRESIDENT received the officials of two foreign oil companies, one Australian and the other American, who are at present negotiating with local companies to enter into a service contract with the government for oil prospecting and drilling. The oil executives headed by-Eric Webb, president of Endeavour Oil of Melbourne, Australia, and Tom Holt, vice president of Super Oil of Austin, Texas, USA, are negotiating with Philex, Baguio Gold Mining, Philippines Overseas and Sabina Mining, for oil drilling operations in the Sulu Sea which they described as the “hottest spot” for offshore oil drilling. The officials informed the President that they have already selected the drilling sites and will start operations in three to four months. The government will receive 60 per cent of the net profit while the remaining 40 per cent which is tax free will be shared by the members of the consortium of oil drillers and concession holders.
THE PRESIDENT directed Highway Commissioner Baltazar Aquino to speed up the completion of the roads within the vicinity of Manila, and other priority projects particularly in Mindanao, such as the 209-kilometer Cotabato City-General Santos road. During his conference with Commissioner Aquino, the President also directed that: 1) Loggers along the Marbel-Lapulapu segment of the Cotabato City-General Santos road remove their logs which are blocking road construction, before the end of the month and to pay for damages for roads and bridges caused by them. 2) The Philippine Constabulary immediately to stop logging operations in the Mt. Matutum forest reservation which has been declared off-limits to loggers since three, years back.
TARGET TAX revenue growth of 6.5 per cent for fiscal year 1973; ending June 30, may be surpassed in view of the tax reforms instituted by the President, according to the 1972 annual report of the National Tax Research Center (formerly Joint Legislative-Executive Tax Commission). Noting that a series of natural calamities and the deceleration of the export or stabilization tax had caused a decline in tax collection efforts (ratio of total tax revenue to Gross National Product) in 1972, the NTRC observed that tax reforms became imperative.to close the revenue-expenditure gap. Additional revenue from the tax reforms, among others, is expected to close or at least narrow the “gap” between revenues and expenditures. The NTRC also noted that in 1971 the tax effort (defined as the ratio of revenue to Gross National Product) has amounted to 11.9 per cent. This slipped down slightly to 11.7, per cent in 1972. This is attributed to the deceleration of the export or stabilization tax by P102 million. In addition to the tax reforms already instituted by the President through various tax decrees, the NTEG recommended further revisions of the National Internal Revenue Code and the Tariff and Customs Code. It also recommended the reexamination of the laws covering real property taxation, and the transfer of certain taxes now collected by the national government to the local governments.
THE PHILIPPINES has been officially invited to participate in the Expo ‘74 World’s Fair to be held in Spokane, Washington, from May to. October 1974, according to the Department of Trade and Tourism. The fair is geared to the theme of ecology, or the preservation of the natural elements of the environment. It will be the first world’s fail in the United States within this decade. DTT authorities recommended Philippine participation in the fair for the following reasons: 1) It is an opportune time to maintain and enhance the position of Philippine export products in the US market in view of the termination of the Laurel-Langley Agreement in 1974. 2) Expo ‘74 will be a propitous stage to display the gains made in the social, political and economic fields under the New Society; and 3) Expo ‘74 will be an excellent medium for the exposure of Philippine tourist attractions.
PHILIPPINE NEWS AGENCY has been organized under the Department of Public Information and is now in operation, DPI Secretary Francisco S. Tatad announced. He said that the PNA is operating on a limited scale from the former offices of the defunct Philippine News Service at the National Press Club building on Magallanes Drive in Port Area, Manila. “Initially the news agency is servicing the major print and radio media in the Manila area,” Secretary Tatad said, “Expansion plans call for the organization of a nationwide and international teletype network,” he said. Two former Philippines Herald editors—Jose Pavia and Renato Tiangco—will manage the PNA, as part of the newly created Bureau of National and Foreign Information.
And many people are beginning to claim they had known all along that martial law was the only solution.
Occasionally, however, some people feel that we are back in the Old Society and suggest I share in the profits and material rewards of the civil order I have been able to reestablish.
Poor, deluded souls! They cannot seem to realize that to steer this country through these critical days, I have to be above these material attractions that have a tendency to claim you and enmesh you in petty and selfish interests.
To keep the objectivity and wisdom of judgment that is necessary for leadership, I must stay away from these mundane considerations.
Even the Lopezes are offering their worldly possessions to save those who were in the rightist conspiracy like Heny [Eugenio] Lopez [Jr.] who is under detention. They have offered the Meralco [Manila Electric Company] to the government or to me and my friends.
What they cannot seem to understand is that once we pledged to change our society comfort and riches cannot influence us anymore.
The same thing with the oil prospectors like [Valeriano?] Bueno of Philippine Overseas. Or Engineer [Eusebio] Agovias and his wives.
Alfonso Lim, Caram, Benny Toda and the rest of the followers of [Mammon?].
So I have decided to give the veterans and retirees all the opportunity to earn some money for their families.
The Neda [National Economic Development Authority] is becoming beaurocratic [sic].
And Gerry [Gerardo] Sicat is becoming a book-keeper like Eddie Rodriguez who has the mentality of a clerk.
I must reorganize my office.
It is unknown where this paragraph until “So I have decided…” come from, because the second page of this entry is missing.