The Rotary Balita no. 763 (February 10, 1955)

In urging the approval of the Laurel-Langley trade agreement and congressional enactment of another import control law, Economic Coordinator Alfredo Montelibano told at the Rotary luncheon meeting last February 3 that these measures would accelerate industrialization and proper implementation of the Philippine economic program. The OEC administrator explained that one of the greatest obstacles to the industrial development of the country has been the Bell Trade Act because its provisions make it more profitable to import than to manufacture locally. Montelibano further explained that the passage of a new import control law will limit imports quantitatively as well as qualitatively. He said that he was in favor of the rigid application of the anti-dummy law to protect new industries against foreign competitors.