Office of the President
of the Philippines
February 24, 1970
We go to San Fernando, La Union tomorrow to return at noon. This is a counter demonstration of the Ilocanos who want to show solidity behind me. But my fear is that they will march to Manila armed and cause violence to erupt once more at their instigation. So I must stop them.
Fiscal Policy Committee with the Congressional leaders met to assess the monetary situation. The Senate President and Aytona was helpful. Speaker Laurel complained that the congressmen and he were not informed of the decision for a floating rate before approval. Puyat understood but as usual the Speaker did not understand the need for secrecy.
Will start releasing funds for the provinces. Priority has been given to the Tondo project. I meet Enrique Zobel on the project next Friday afternoon.
The trading this day on dollars quoted ₱5.70 to the dollar – much lower than we expected. The black market had reached ₱6.30. The persons who face dollar loan amortizations are complaining of the new policy for a floating rate as they will pay more in pesos but the exporters specially those not in the copra, sugar, logs and copper category are cheering it.
Looks like we still have no funds in government. We should now have only one appropriation act to include even public works and capital expenditures.