I write this after my golf game with China Finance Minister K.T. Li, Ambassador Pichi Sun, [Gregorio] Greg Licaros and Bobby [Roberto] Bobby Benedicto and waiting for reports on the demonstration.
This morning we signed the agreement of the Philippines and Nationalist China for the loan by the latter of 50,000 metric tons of rice to be returned in ten years in cash or in kind.
Yesterday Sec. Bung Tanco signed the contract for the purchase of 50,000 tons of rice from the Thai at Bangkok.
Japan has donated 10,000 tons of rice intended for Pakistan.
With these infusions into our supply, we should be able to maintain the price of rice and generate funds for the RCA [Rice and Corn Administration] for the next several years. RCA, then, can do some trading.
Official Gazette for May 8, 1971: President Marcos underscored the need for an effective administrative structure, which is both strong and flexible, in the planning and implementation of economic and social programs, if these programs should meet current needs and the demands posed by growing populations.
“We cannot afford to let them be overwhelmed by the scope and complexity of the problems they face. As needs and priorities change, they must adjust, anticipating and meeting new responsibilities and challenges.” the President said in a speech read for him by Secretary of National Defense Juan Ponce Enrile at the opening of the 6th General Assembly and Conferences of the Eastern Regional Organization for Public Administration (EROPA), held at the Ramon Magsaysay Center Memorial Hall. The President hailed EROPA for pioneering again in deciding to organize a regional conference on the administrative implications of rapid population growth in Asia, saying that administrators cannot ignore change as a factor in their planned activities.
Earlier, the President conveyed to the people and government of Nationalist China the gratitude of the people of the Philippines for the loan of 50,000 metric tons of rice to relieve the temporary rice shortage. The President requested Minister of Finance K. T. Li during the signing of the Rice Loan Agreement between China and the Philippines, to convey to President Chiang Kai-Shek and the people of Nationalist China “our gratitude for your understanding and sympathy for the Filipino people.” The Rice Loan Agreement was signed by Minister Li for and in behalf of his government, and Secretary of Agriculture and Natural Resources Arturo R. Tanco, Jr. for and in behalf of the Philippines, in the presence of President Marcos.
The Rice Loan Agreement provides that China would loan to the Philippines 50,000 metric tons of milled rice, payable in kind over a period of 10 years. Under this agreement, the proceeds from the rice sale could lie used by the Philippines for the promotion of agricultural productivity while the payment is not yet due. The rice loan was negotiated by Secretary Tanco. Also present at the signing of the agreement were Undersecretary of Agriculture and acting RCA Chairman and General Manager Jose D. Drilon, Jr., Secretary of Finance Cesar E. A. Virata, Ambassador to China Pelagio Llamas, Director of Plant Industry Eliseo C. Carandang. PNB Vice President Nicanor Fernandez, Antonio Roxas-Chua of the Filipino-Chinese Chambers of Commerce. H. P. Chen, director of the Central Trust of China; Chinese Ambassador Patrick Pichi Sun; S. T. Shih, acting director of Taiwan Provincial Food Bureau; Stewart Y. F. Pei, secretary of the Chinese delegations; and S. J. Ho and William Sun, counsellor and commercial attache, respectively of the Chinese embassy.
The demonstration has been peaceful so far. There are about 3,000 demonstrators in Plaza Miranda. I have kept the Metrocom [Metropolitan Command] and other AFP [Armed Forces of the Philippines] units out of the city.
Minister K.T. Li says it took them several years to develop their export processing or free trade zone, Kao Shing. He says that 31% of their production is for export.
There is a shortage of ship-building facilities throughout the world. And we are encouraging the setting up of a shipbuilding complex in the Free Trade Zone.
I enclose the papers on the proposed joint venture for ship building between a Philippine company and a Japanese firm, Sumitomo.
And we are encouraging the development of the lands in the Penal Colonies. The contract of the Tadeco [Tagum Agricultural Development Company] corporation with the Davao Penal Colony is an example.
I hope that the Iwahig Penal Colony in Palawan can be developed into a vegetable plantation because the soil is not fit for bananas that will be planted in Davao.
All kinds of agricultural products can be sold to Japan which buys $3 billion of food products annually.
Japan buys $350 million worth of Maize (corn). Palawan could be planted to corn.
A thousand hectares in Clark Air Force Base will be planted to vegetables for the U.S. Armed Forces. They are now bringing in vegetables from Taipeh.
Ever since I used the term “oligarch” for the economic pirates and the modern robber barons, it has been used both in derision, satire and in longing applause.
When the golden buddha case came up, it was contorted into Buddhagarch by [Eugenio] Iñing Lopez [Sr.] allegedly.
And I answered back, “By the time the people are through with them, they will be ‘wallagarchs.’”
TADECO, Tagum Development Company was founded by Antonio Floirendo, Sr who was granted title for 1,200 hectares of unproductive land in Davao del Norte by a proclamation by President Elpidio Quirino. Initially planted to abaca the land was later used to plant bananas that were sold to Japan. Aside from developing land in the Penal colony, Tadeco also utilized prisoners as laborers in the banana plantations. Floirendo was a prominent associate of Marcos who fronted for them in the acquisition of property abroad, the most prominent of which was the home in Makiki Heights, Hawaii, registered under Floirendo, where Marcos spent his last years in exile.