Worked out the support for DBP [Development Bank of the Philippines] by both government and the Central Bank. DBP needs about P500 million up to June 1971. Right now the National Treasury is buttressing it. This cannot go on. Leo[nides] Virata has a plan that requires the approval of IMF [International Monetary Fund].
Required the Central Bank to adopt a policy of allowing the remittances of future profits in export-oriented industries (this means more than 50% of the production is processed in the Philippines). The biggest lumber company in the world is Weyerhauser. They have stopped their Basilan logging operations and would like to go to Palawan provided they can remit their profits abroad. This started the reassessment of existing policy.
Then got the government financing institutions together to tighten up their planning and operations.
Discovered that Sen. [Alejandro] Almendras has the most delinquencies on his P5.6 million indebtedness to the SSS [Social Security System] which has now accumulated interest and become P6.5 million because he has not paid amortizations on time.
He is in trouble with the Bureau of Forestry because he has planted sugar on a pasture land and encroached on a forest reserve.
His house is mortgaged to the GSIS [Government Social Insurance System] for P250,000 but SSS claims this same property is mortgaged to it.
Official Gazette for October 12, 1970: President Marcos confined himself to desk work as his doctors continued to pace his work schedule so as not to unnecessarily tax his energies. He had no visitors. The President still has a touch of temperature from a throat ailment which earlier had bothered him. The throat condition has improved in the last few days.
Among others, the President signed a new executive order paving the way for the opening of the Tondo foreshorelands to the construction of homes, after the earlier order to construct the rat-proof zone to the immediate customs area was amended. The President, worked through the afternoon at hi3 desk, but dealt only with the most urgent matters. Among other actions, the President:
1. Ordered the departments of education and of justice to conduct a joint investigation of a feud between two factions of the faculty of the Sabani State College in Gabaldon, Nueva Ecija, which has reportedly undermined the functions of the school. At the same time, he also directed the chief of constabulary to instruct the PC provincial command in Nueva Ecija to maintain peace and order at Sabani State College. 2. Ordered the deportation of four Chinese nationals whose continued presence in the country constitutes a menace to the peace and safety of the community. Ordered deported were Tan Dy alias Chua Eng alias Jose Tan Dy, Sy Puat Seng alias Ong So, Thomas Ong alias Lau Tat, and Venancio Federico.
What is more, his forest concessions (there are two, one in Bukidnon and the other “Verdant” in Davao del Norte) were obtained in violation of the constitution because he is a senator and he falls under the prohibition.
No wonder he is nervous and making noises.
The income of government from cigarette manufacturing is going down. Had this studies and directed intensification of anti-smuggling and extension of credit to them.