The Rotary Balita no. 682 (October 11, 1951)

World economic stability and security demand that the under-developed countries of Asia and the Far East, where more than half of the population of the world live, achieve a proper state of economic development that will afford to their millions of inhabitants a decent manner of living according to Secretary of Commerce and Industry Cornelio Balmaceda. Balmaceda who had just returned from Canada where he represented the Philippines in the international conference, and - from Geneva where he attended the plenary session of the UNESCO, gave his observations on the general economic situation of the world as we see it today. He said that the world cannot remain half in plenty and half in want, nor half in peace and half in ferment. While the economic position of Western Europe has shown great improvement so that it is able to check the advance of communism, the countries of Asia are relatively poor and undeveloped and are more exposed to the inroads of subversive elements than the developed countries of Europe. They have received heretofore only a small share of the foreign aid of the United States. With regards to the Philippine economic situation, he said that the economic health of the nation has considerably improved than it was at the close of the war. The measures that were adopted by our government to meet the abnormal economic conditions created by the war, and the programs of national production, economic stabilization and trade development that were devised and implemented by our government, have now borne fruit in the present improved condition of the country's economy. As a result of the trade control measures that have been enforced, and the expansion of our agricultural and industrial production, the position of our foreign trade has considerably improved, so that today, instead of buying considerably more from other countries as we were during the last five years, our exports now exceed our imports by a wide margin. Another important and new factor in the progress of our economic recovery is the ECA program of financial and technical assistance which has recently started. This will undoubtedly increase the pace of our economic rehabilitation and development as it will make available the means for improving the technique of our agriculture, for developing our water power resources, for starting the new industries under our industrialization program, and for providing us with the services of experts and technical men that we may need for any part of our development program. Balmaceda added that in his observation of the world economic situation, he had not seen a country more promising and with more possibility for expansion and growth than the Philippines. Earlier, President Vince Bunuan announced the nomination of Gil Puyat to the presidency of the Rotary International. The nomination was unanimously approved by the members. Willie Dy Buncio then told the Rotarians of the donations of the Club to the Philippine Red Cross. These donations consist of sign boards to be used in swimming pools. Karl Kreutz gave his report of the home-side social meeting held last October 3. A 3-minute speech was delivered by Gene Puyat on the subject of "Membership and Attendance." Leroy Young made an excellent fine-master today. He started his job by imposing a fine of P5.00 on President Vince for not wearing his badge; Gary Yupangco for being a bachelor was fined P35.00, P1.00 a year, but due to the fact that he was able to name other bachelors in the club, his fine was paid by those he mentioned; for putting out a good Yearbook, Go Puan Seng was fined P50.00 and upon recommendation of Go, Willie by Buncio was fined the same amount as a member of the Board of Directors of Fookien Times; Leroy Young's car, a Chevy, broke down one day and had to be towed. For this reason he fined David Sycip P30.00. Every time Washington Sycip is called in his office he is always in Cebu. He was fined P65.00, the cost of a plane ticket to Cebu. Leroy Young fined himself P10.00 for his absence in a homeside meeting. Ralph Rebullida was fined by President Vince one finebox which Ralph handed in at once. For missing the homeside social meeting at Conrado Benitez' residence, Yao Shiong Shio was fined by President Vince P50.00.