The Rotary Balita no. 726 (July 30, 1953)

Jose P. Marcelo, young industrialist, expressing his views on the Bell trade act as, left is right: Pad Padua, Gary Yupangco, President Du ding Romualdez, and Polding Rovira listen effectively. Jose P. Marcelo, head of the Marcelo Enterprises, speaking, before the Manila Rotary Club on July 23 last, came out for scraping in toto the Bell Trade Agreement, which, he said, had meant an annual loss to the Philippines of about P300 million. He also suggested the channeling of idle capital into productive enterprises, and the abolition of government corporations which may be handled by private entrepreneurs to free the capital tied up in these corporations for pioneering activities by the government in more basic industries. Marcelo also urged the establishment of an Industrial Research Institute and a more liberal implementation of the tax exemption law. These measures, he said, will create a healthier atmosphere for investment in the country.