Now we have to hold back the Japanese from investing in and controlling every area of industrial activity.
So Manila Hotel which is being sought for reconstruction by Japanese, I have decided to convert into a high class luxury hotel like the Mandarin in Hongkong, with the Rothschild financing the new hotel and getting a good management.
The oil companies have notified us of cuts on their crude oil supply.
We are still waiting for the Kuwait, Iraq, Saudi Arabia and other Arab promise to furnish us all the oil we need and set up a petrochemical plant.
Worked on the book, The Constitution and Martial Law.
Official Gazette for October 31, 1973: THE PRESIDENT said that in 10 years the Philippines will have graduated from a source of primary products to an exporter of finished products. The President based his prediction on the emphasis being given by the administration to the promotion of processing of local products, and on the wide acceptability that Philippine products are finding in the world market today. The President made this prediction during the call of Alberto Peissevaux, managing director of Compagnie Franciere Eternit of Brussels, and H. Clive Hemming, executive vice president of Eternit Corp. of the Philippines. The group informed the President of the vast changes that they had noticed which according to them are “very encouraging for investors.”
THE GOVERNMENT is calling on all gasoline users to exert their utmost to help in the conservation of fuel. “This is an urgent call,” Secretary of Information Francisco S. Tatad stressed in a briefing for newsmen. He said the country faces a reduction of 15 to 20 per cent in crude oil supply because of cutbacks in production in the Middle East. These cuts are without regard to the 70 per cent increase in posted prices, which means that there will be less crude at any price. However, the implementation of the National Energy Plan of the government is being sped up, particularly with respect to the development of substitutes for oil, and the reduction of fuel consumption for the transportation system, Secretary Tatad said.
THE PRESIDENT promulgated Presidential Decree No. 327 extending the period granting amnesty to persons who are required by law to file income tax returns from October 31, 1973 to November 30, 1973. The decree notes that the entire country had had inclement weather for the past few weeks brought about by three typhoons that caused considerable damage to public and private properties, with consequent and unexpected financial difficulties among the poorer sectors of the community and considerable delay in the tax filing campaign.