The government

Media

Part of The American Chamber of Commerce Journal

Title: The government
Identifier: The business view
Language: English
Source: The American Chamber of Commerce Journal Volume XXVIII (No. 12) December 1952
Year: 1952
Rights
Abstract: A monthly review of facts, trends, forecasts by Manila businessmen
Fulltext: The Business View A monthly review of facts, trends, forecasts, by Manila businessmen The Government From Official Sources NOV. 3 — President Elpidio Quirino in a message to Congress which opens a special.5-day session today, proposes a bill appropriating ?33,880,000 for “urgent and essential public works projects”, not itemized in detail. Nov. 4 — The Cabinet approves the creation of a special committee with Under-Secretary of Public Works and Communications Vicente Orosa as Chairman, to study financing of a drainage plan for Manila and suburbs, estimated to cost P67.700.000. Malacanan announces that Governor Miguel Cuaderno of the Central Bank has been appointed by United Nations Secretary-General Trygvie Lie as a member of the U.N. Preparatory Committee to plan the Special Fund for grants and long-term loans to underdeveloped countries; the membership will require Cuaderno’s presence in New York for January and February, 1953. Malacanan announces presidential approval of the release of P3,000 ffom Sweepstakes funds for the Philippine Association for the Ad vancement of the Deaf, Inc. The Association, is taking care of 364 deaf-mutes, 120 of whom are of Manila and of whom only 40 are em ployed. Lewis K. Gouch and Edward F. McGinnis, National Commander and National Public Relations Director, respectively, of the American Legion, call on Foreign Secretary J. M. Elizalde, accompanied by Ambassador R. A. Spruance and B. L. Anderson and A. R. McKelvie, of the Philippine Department of the Legion; Gough and McGinnis are on a tour of the Far East. The Department of Foreign Affairs announces a new Philippine allocation of $48,000 by the U. N. International Children’s Emergency Fund (UNICEF), this bringing the total for the Philippines to around $1,400,000. Nov. 5 — The President receives C. Tyler Wood, Associate De puty Director, and Theodore Tannenwald, Jr., Assistant Director for MutUal Security, of the Mutual Security Agency in Washington, ac companied by Dr. Roland Renne, MSA head in the Philippines; Wood expressed himself as “highly satisfied with the progress of the work being undertaken here jointly by the PHILCUSA and the MSA.” The President authorizes the release of P350.000 for the construc tion and improvement of shore protection works in Rizal, Cavite, Cebu, Davao, Leyte, Quezon, Sorsogon, and Samar. Nov. 6 — The President instructs Governor Leopoldo A. Diaz of Nueva Ecija, to place all open public agricultural lands in his province at the disposition of the Philippine rural reconstruction movement as the province has been selected as the pilot area for the Administra tion’s social ameliorization program. The President creates a comrqittee, headed by Secretary of Public Works and Communications Pablo Lorenzo, on the rehabilitation of Fort Santiago. The President orders the suspension for the second time of Lt. Col. Celestino C. Juan, as Deputy Chief of Police of Manila, in view of new charges brought against him in court. Secretary of Education Cecilio Putong denies a charge made by Senator Jose P. Laurel that the Administration has “neglected” the interests of the school teachers, stating that the salaries of secondary graduate elementary teachers have been raised from P40 in 1941 to P120 in 1952, of secondary normal graduate elementary teachers from P45 to P130, of normal graduate elementary teachers from P55 to P140, of teacher-nurses from P35 to P140, of secondary teachers from P100 to P150, of elementary principals from P55 to P160 and of B.S.E. graduates to P230, of district supervisors from P80 to P180 and of B.S.E. graduates to P230, of critic teachers from P55 to P200, of instructors in normal and technical schools from P100 to P200, of secondary principals from P130 to P230, and of normal school prin cipals from P150 to P260. He also points to the various laws favorable to teachers, including the Retirement Law. Nov. 7 — The President submits a relief bill to Congress seeking aid for provinces, cities, and municipalities which suffered damage from typhoons, floods, earthquakes, and droughts in the amount of P8.567,600. Nov. 8 — Following a conference with Speaker Eugenio Perez and other House and Senate leaders, the President decides not to extend the special session of Congress despite the fact that no action was com pleted on the appropriation bills submitted by him. Nov. 10 — The President’s eldest brother, Atty. Ernesto Quirino, dies of a heart attack, aged 66. Secretary of Foreign Affairs Elizalde sends President Quirino’s message of sympathy to the Israel Government on the death of Pres ident Dr. Chaim Weizmann. The President reappoints Roberto Guianzon ad interim Under secretary of Justice. Nov. 12 — At the request of the local manufacturers that he estab lishes a ceiling price, the President fixes the wholesale and retail prices of “Cafe Puro” at Pl.35 and Pl.55, respectively, for 1,2 pound and P2.60 and P2.95, for 1 pound. He also fixes the ceiling prices of Here ford brand corned beef at P48.45 a case wholesale and the retail price at Pl.50 a tin. Nov. 13 — Moro outlaw Kamlon is brought to Muntinlupa Prison where he “formally surrenders” to Secretary of Justice Oscar Castelo, the Secretary telling him that President Quirino has promised to give him a fair trial. The father and wife and young son of Kamlon called on the President in Malacanan. Nov. 14 — The President receives numerous callers, chiefly pro vincial and municipal officials who request him to use his emergency powers to make public works and relief funds available. z The. President receives Sam Keeny and James E. McCall, Director of the Regional Office in Asia and chief of the Philippine Mis sion, UNICEF, respectively, accompanied by Secretary Elizalde and Welfare Commissioner Asuncion Perez, who inform him of the accom plishments of the organization in the Philippines in the child feeding program, tuberculosis control, treatment of syphilis in pregnant women, diptheria immunization, mental health, etc. Secretary Elizalde and Dr. William J. Ellis sign a Supplemental Agreement between the Government and the U. N. Food and Agriculture Organization (FAO) for the services of experts in rice breeding. Nov. 15 — The President inaugurates the P200.000 Quirino Labor Hospital in Quezon City. Nov. 17 — The President announces the conclusion of an air transport agreement between the Philippines and Mexico granting the Philippine Air Lines traffic rights at the Mexican capital in both directions; it is the first formal treaty signed by the Philippines with Mexico. Nov. 18 — The President designates Jose Panganiban as Acting Chairman of the Board of Directors of the National Development Company, replacing Acting Chairman Eduardo Taylor who is leaving for the United States to buy machinery for the new Portland cement plant to be established at Bacnotan, La Union. Nov. 19 — The President issues Administrative Order No. 202 coordinating the activities of various government relief agencies. Malacanan announces that Vicente G. Bunuan, Sugar Quota Ad ministrator, is leaving today for London to attend the International Sugar Council meeting scheduled for November 24. Nov. 20 — Replying to a message of congratulations from President Quirino, American President-elect Dwight D. Eisenhower, said: "Greatly appreciate your congratulations. As President I shall constantly seek to develop the historic and unique relationship of trust, confidence, and goodwill between our two countries." The message was forwarded to Poro Point, where President Quirino had gone for a rest. The President authorizes a release of P200.000 for the purchase of supplies for the Alabang Serum and Vaccine Laboratories; also P85,763 as aid for health work in a number of provinces, as recommended by Secretary of Health Dr. Juan Salcedo, Jr. Nov. 21—The Department of Foreign Affairs announces that Japan has remitted $3,592,844.38 to the Philippines in part settlement of the difference in favor of the Philippines under the barter trade agree ment. As of October 20, 1952, the favorable balance amounted to nearly $10,440,000 toward the settlement of which Japan has now made two payments totaling $5,322,561.16. Nov. 23 — The President receives a report from Maj. Gen. Calixto Duque stating that around 5,000 hectares of public land in TawiTawi is open to settlement, it being planned to rie-settle from 200 to 300 Jolo families of the followers of the outlaw Kamlon there. Kamlon <hc Journal wishes its readers and advertisers a Werrg Christmas and a Bappg Betti ^ear. 482 and some of his followers having pled guilty of the charges of rebellion and murder filed against them by the Government and being sen tenced to life imprisonment, will be granted a conditional pardon on recommendation of General Duque. The President, having returned to Manila, confers with Liberal Party leaders who urge him to reject the recent proposal of Senator Jose Laurel that the two of them withdraw as candidates for the presi dency in the 1953 elections in favor of Secretary of National Defense Ramon Magsaysay; the leaders urge him to run for re-elec tion and also reiterate their endorsement of his exercise of his emer gency powers in releasing much-needed public works and relief funds. As to the Laurel proposal, the President states that he “will consider it for what it is worth.” Nov. 25 — The President at a Cabinet meeting signs an adminis trative order creating the Informational Media Guaranty Program Committee, which is to examine and approve or disapprove all applica tions for contracts to supply the Philippines with “media materials” under the Informational Media Guaranty program made available to the Philippines under Section 111 (b) (3) of the U. S. Economic Co operation Act of 1948, such as books, periodicals, newspapers, motion pictures, etc. The committee will be composed of 5 persons representing the Department of Education, the University of the Philippines, the Central Bank, the Import Control Commission, and the Department of Foreign Affairs. At the Cabinet meeting, the President inquires as to the recent•statement of Dr. Roland R. Renne, implying that “politics was delaying MSA releases.” Acting Secretary of Agriculture Jose Camus states that in so fa’’as the distribution of irrigation pumps is concerned, mentioned as an instance by Dr*. Renne, no politics were involved but that he had had to order surveys of their suitability in various regions. Austrian officials, Dr. Carl Behleter and E. C. Tomicich, make courtesy calls on Secretary Elizalde and other Foreign Department officials; they are the first members of an Austrian trade promotion delegation on the way to the Philippines. Nov. 26 — The President orders the reactivation of the Barangay Associations with former Under-Secretary of the Interior Nicanor Roxas heading the campaign; the associations were authorized under Executive Order No. 347. Nov. 27 — Malacanan announces that the President is readying the release of another P2,953,000 public works fund chiefly for the rebuilding of schoolhouses destroyed by recent typhoons; the sum would bring the total released for public works to P5,345,780. An nounced, too, that the President will not issue another executive order for the release of further funds as he will leave it to Congress to appro priate the additional funds needed during the coming regular session; releases will be confined to the amounts specified in his two executive orders,—around P37.000.000 for public works and Pll.000,000 for relief. Recently, Sen. Claro M. Recto, on behalf of Senate President Eulogio Rodriguez and Sen. Lorenzo Tanada, filed with the Supreme Court a petition for a writ of prohibition against the President’s use of emergency powers to release funds not duly appropriated by Congress. Nov. 29 — The President grants executive clemency with parole conditions to Kamlon and 23 of his followers recently sentenced to life imprisonment for rebellion with multiple murder, the conditions being that they must report to the nearest Constabulary or Philippine Naval authorities every month, comply with any summons that may be issued for their appearance, accept periodical visits of such authorities at reasonable times, commit no crimes and conduct themselves in an orderly manner, and assist the Government in the surrender of fire arms illegally held; should any of these conditions be violated, the sentences imposed would again go into full effect. Nov. 30 — The Cabinet approves certain projects to be under taken under the United Nations Expanded Technical Assistance Pro gram to. cost a total of P255,564.21, part of the P500.000 included in the appropriations for the Department of Foreign Affairs for the fiscal year 1953 as a counterpart fund to be used in commitments to be under taken under the Program. Among the projects are the Bayambang educational center and vocational training institute, a pilot center for the control of schistosomiasis in eastern Leyte, and a statistical training center. Banking and Finance By W. M. Simmons Manager The National City Bank of New York COMPARATIVE statement of condition of the Central Bank: As of As of As of As of Dec 31 Aug. 29 Sept. 30 October 31 ASSETS 1949 1952 1952 1952 - (In thousands of Pesos) International Reserve.... P460.689 P472.836 P476.146 P472.919 Contribution to Interna tional Monetary Fund. 30,000 30,000 30,000 • 30,000 Account to Secure Coinage 113,306 107,570 107,570 107,570 Loans and Advances.... 77,047 45,055 48,055 48,195 Domestic Securities......... 92,197 233,824 231,650 231,882 Trust Account-Securities Stabilization Fund.. . . — — — — Other Assets...................... 20,390 44,200 49,566 42,783 LIABILITIES Currency — Notes........... Coins........... P793.629 P933.485 P942.987 P933.349 P530.688 90,689 P555.576 P516.495 P527.147 91,073 74,384 91,406 Demand Deposits - Pesos 117,682 277,126 274,797 266,977 Securities Stabilization Fund................................. 2,000 12,233 12,233 12,233 Due to International Monetary Fund........... 22,498 496 496 496 Due to International Bank for Reconstruc tion and Development 2,389 2,383 2,383 2,383 Other Liabilities............... 2,636 7,345 8,331 2,365 Deferred Credits............... — 1,852 2,448 3,055 Capital................................. 10,000 10,000 10,000 10,000 Undivided Profits............ 6,464 7,017 6,947 7,331 Surplus................................. — 7,132 7,132 7,132 P793.629 P933.485 P942.987 P933.349 The Central Bank’s international reserve as of October 31, 1952, dropped by P3,227,000, thus reversing the upward movement of the previous two months. This is accounted for by the decline in deposits in U. S. Depositories of P5,617,000 which failed to offset the in crease as a result of the Central Bank’s purchase of about ?2,000,000 worth of U. S. Government Securities during the month under review and additional gold holdings of P336,000. Including net foreign exchange holdings of other banks, the country’s international reserve was re ported to have amounted to $299,372,000 at the end of the month, compared to $298,589,000 on September 30, 1952. Loans and advances continued their upward trend since June 30, 1952, but the increase registered in October was negligible. Currency issued increased from P618,220,000 in September to P621,377,000 in October, but there was a decrease in demand deposits from P274,797,000 to P266,977,000 during the same period. The cash position of banks continues easier and quota tions for time money have been correspondingly reduced. In some quarters the best rate is now 1-1/2% for 3 to 6 months without much interest in new money at this rate. Loan rates are unchanged at 5% to 6%. statistics released by the Central Bank show that foreign exchange transactions of the Philippines during the first 9 months of this year resulted in a net gain of $6,200,000 caused primarily by heavy receipts from invisible exports. United States government expenditures alone totalled $100,700,000. Receipts aggregated $410,300,000 (including $259,900,000 of visible exports and $150,400,000 of invisible), against disbursements of($404,100,000 (for $335,900,000 of visible imports and $68,200,000 of in visible). Compared with the corresponding period in 1951, total receipts showed an increase of 1.7%, while disbursements were down by 2.6%. tt is reported that since the Rural Bank Law was ap proved on June 6, 1952, the Central Bank has received forty applications to open Rural banks. To date certifi cates of authority to establish such banks have been granted for the following localities: Pasig, Rizal; Novaliches, Rizal; Malolos, Bulacan; Urdaneta, Pangasinan; and Bacolod, Negros Occidental. The majority of applications have been received from Luzon provinces, but several have come from Visayan and Mindanao areas. (Note: The information contained herein has been derived from responsible sources but the National City Bank assumes no responsibility for its accuracy). 483