Have just come from the Plaza where I inducted the new officers of the Chamber of Commerce.
Had to change my speech. The speech writers had again insisted upon the constitutional convention.
Signed the export incentives bill in their presence.
Apparently the massacre at San Marcelino, Zambales was caused by a gang supported by Commander Panchito [Ernesto Miranda]. Two suspects have been picked up. Apparently Mayor [Leopoldo] Rabanes had some dealings with the Huks.
Official Gazette for September 22, 1970: President Marcos underscored the bright prospects for the nation, with the measures and austerity program of the government justified by the easing of the economic and financial problems of the country.
In a speech at the Chamber of Commerce of the Philippines in the evening, the President pointed out that the difficulties experienced in the recent past were not new to a developing nation, that undue pessimism merely aggravated them, and that “our problems are not insurmountable, provided that we are willing to make temporary sacrifices that go with the solution of these problems.”
Toward the end of his speech, the “President was roundly cheered as he announced his signing, of House Bill No. 2175 (S. B. No. 143), otherwise known as the Export Incentives Bill. Before the officers and members of the CCP and their guests, the President reenacted the signing of the measure which became Republic Act No. 6135.
In his speech, the President said that the root problem was not the balance of payments, but the nature of the “development process of a country,” which usually incurs a certain amount of trade deficit.”
The basic problem was in the structure of the external debt, he said, which was financed by short-term loans after retiring previously contracted debts instead of contracting long-term obligations to finance development projects which have “a long gestation period.”(Full text of the President’s speech in OG.)
The President once more devoted himself to desk work, with no visitors on his schedule. Except for consultations with aides and other officials, he worked uninterrupted, in his study. He worked through the afternoon, breaking off at around 8 p.m. to attend as guest of honor and speaker at the induction ceremonies of the Chamber of Commerce of the Philippines held at the Plaza in Makati.
While engaged in paper work, the President expanded further the composition of the National Council for Small and Medium Industries by including a representative of the Philippine Chamber of Commerce in the council. As originally created the NCSMI is composed of the chairman of the National Economic Council, council chairman; the director of the UP Institute of Small Scale and Medium Industries, action officer and the secretary of commerce and industry, DBP chairman, PNB president GSIS general manager, SSS administrator, and a representative each of the Pilipino Chamber of Small Business and Industries, and the Philippine Chamber of Industries, members. The NCSMI was created by the President last June in recognition of the vital role played by small and medium industries in the economic development of the country, and in line with the policy of the government to assist and protect the interests of these industries and to encourage and development their actual potentials.
There are offers of loans amounting to $200 million at 11% payable in 10 years extendible for another five years but our ceiling set by the IMF [International Monetary Fund] is $100 million. And we may not be able to accept it.
Barclay Investments of England heads an English consortium of banks that is willing to underwrite the rural electrification program of the Philippines. And the German and French are willing to give supplies credit.
BOI [Board of Investments] has approved the pulp and paper project of the Pulp and Paper Industries.