The Rotary Balita no. 704 (September 11, 1952)

"I believe it can be safely asserted that no significant change in our economy has taken place since our independence," declared Finance Secretary Aurelio Montinola. Montinola further stated that our country is trying to achieve a change in the situation, so as to promote a somewhat different economy, which will be more sustaining and less dependent on a few limited export crops for its viability. He advocated the revision of the Bell Trade Act, which governs our trade relations with the United States with whom we do the vast majority of our foreign trade. He added that it is apparent however, that there is an honest divergence of opinion as to whether it would be advisable to main- tain the present structure intact or to secure new patterns for our economy. He said that those who believe in the status quo are opposed to a re-examination of our trade relations with the United States, fearing that any revision of the Bell Trade Act, as proposed by the National Economic Council and the President's 15 Man Committee in accordance with the recommendation of the United States Economic Survey Mission itself to the Philippines in 1950 might result in a worse deal for our country than that we have gotten under the term of the Bell Act. "On the other, the advocates of the status quo wish for the country to continue being the provider of raw materials and the buyers of finished products, in other words, to continue our agrarian colonial economy," he emphasized. Montinola suggested that in order to solve our pressing social and economic problems created by this situation, it is imperative that we present a unified and solid front to insure the maximum effectiveness and success. He said further that we cannot survive as a nation if we continue to depend on a prewar pattern of economy and this is so in a country which is relatively underpopulated and underdeveloped and in which large areas still remain to be opened, surveyed and cultivated. He claimed that agrarian countries have traditionally low income economies and suffer from underemployment of labor because the employment opportunities in rural areas are, in many cases, seasonal and relatively limited, especially where the population is growing. Another factor, he said, puts us at a disadvantage in the export market. This is our commitment to a policy of social betterment and in the pursuance of that policy our government had passed the Minimum Wage Law, not only for industries but also for agricultural workers. This puts a floor on our asking price for our exports in world markets and puts us in an unfavorable position relatively to other countries with lower wages and living standards. "To solve our main problem," Montinola continued, "we must provide employment for our people and we must increase production. But we cannot do so merely by expanding agriculture alone, or by concentrating on export crops. We must have consumption goods for our local market, for the fabrication of local materials locally, for the decrease of unemployment and the increase in working opportunities, and for the export of a certain amount of products abroad. To do this, we must industrialize and must have stable trade arrangements with foreign countries and especially with the United States in order to protect our local industries. He appealed to all civic organizations to join the government if they want to have an even chance of success. The government alone cannot achieve success, he said, Earlier, a one minute silent prayer was observed in memory of the dead heroes. Pablo Virtuoso, guitar wizard of radio and screen contributed guitar solos. Mike Arnold was the finemaster. At the recent golf tournament, Polding Rovira and Long Ortigas, who represented the Knights of Columbus instead of the Rotary Club were each fined P10.00. Doc Ayesa, GE Eraña, Juanito Nakpil, Nick Jacinto, Vince Bunuan, Quitong Reyes, Ralph Hawkins, Rex Reyes, Jack Preysler were each fined P5.00 for not showing off in the tournament. GE was fined another P5.00 for his picture taken during Senator Francisco Delgado's picnic in Bulacan. For the same affair for which Charlie Hollmann and Doc Adamson had also their pictures taken, each were fined P5.00. Dan Aguinaldo was fined P50.00. Jack Preysler, whose picture appeared in a Mexican magazine carrying San Miguel Brewery all way through without mentioning the Rotary Club, was fined P5.00.