January 15, 1971
The poor people of Tondo, our slum area, came over to Malacañang at 4:00 PM to pledge loyalty to me in the fight against the oligarchs. Students, activists, laborers and intellectuals were there.
We could make this the rallying cry, “Fight the oligarchs who suppress our people!”
And make it a nationwide movement. The cry is catching fire. For one thing the word “oligarch” is in everybody’s lips.
“No compromise. No turning back. Let us now reform our society. Let us give true equality.”
I intend to propose a strong anti-trust law to break up the big monopolies and the combines that dictate prices and depress the people. The monopolies or combines are in sugar, rice, copra, flour, steel, textiles and cement.
And I intend to propose a radical plan of profit sharing and a new concept of ownership of private property,
Slowly the issues are clarifying as I dissociate myself from the oligarchs, some of whom are our friends.
These oligarchs as meant in this case are the families that remain powerful and influential no matter who are the persons or parties in power.
The symbol of these oligarchs are the Lopezes who have always struck terror into the hearts of government men.
I convinced the oil executives, Mr. Wallahan and Wales accompanied by Francis Ablan to accept the roll-back to the rates and prices of oil commodities as of January 6th before the Villegas committee set a 2 centavo increase for regular gasoline and issued an order to the Price Control Council to this effect – effective one week within which time the Price Control Council should set the prices with the regular gasoline kept at a low level even if the premium gasoline should be increased by five centavos. I attach the order.
I opened the Japanese Floating Trade Fair on the “Sakura Manu” at 6:15 PM with Imelda.