Skip to content

March 18, 1970 Wednesday


12:55 AM

March 18, 1970

Today is supposed to be the day where we will be able to capture some leaders of the Ma-Mao’s. No report as yet.

Col. Ver reports that our asset in the Terry Adevoso plot says the plan for a revolution has been changed to a plan to liquidate me, play along with President Lopez who is supposed to replace me, kidnap Maceda and Raval who will then testify that the elections were rigged for me then Osmeña will win the election protest and assume the presidency. The time table is supposed to be April. Revolution was rejected because it is messy according to their supporters.

We will have to use legal means to break the plot.

I am now studying the proposal of Walter Leny our consultant on oil exploration to adopt an agency form of service contract where concessions remain with the government but are worked on by a service-contractor, all exploration at his expense, who upon discovery of oil acquires the right to buy the oil at 12 1/2 percent less than current price. This gives the government 70% of all the proceeds from the oil concession. This should solve the question of the 1974 termination of parity rights of the American oil companies.

The House has started discussing the Export Tax bill known as the equalization tax. We hope to have it passed before Wednesday next week. This bill will, if passed into law, stop all the uncertainty and speculation on the suspension of exports waiting for a higher exchange rate, the hesitation of investment and the erratic level of prices.