The Rotary Balita no. 737 (January 14, 1954).

CB Gov. Miguel Cuaderno told Manila Rotarians at their luncheon meeting on January 7, 1954 (the first this year) that the nation's economy is much improved, but stressed that there are still many problems to be solved. He urged the implementation of an integrated development program, directed toward increasing employment and income of the people, particularly the barrio masses. He warned, however, that the country should not depart from a sound selective monetary and credit policy in carrying out this program. Cuaderno disclosed that the national income has increased considerably since liberation, and although the peso's purchasing power today is only equal to that of 34 centavos before the war, it is ill one of the most stable currencies in the world, cause of the sound fiscal policies of the Philipp government which has drawn praise from abroad. Cuaderno also noted that the Philippines is now importing more producer goods than consumer goods, unlike before the war and the early years after the war. Production has also increased, he said. In recounting these gains, Cuaderno stressed that monetary stability is a sine qua non to economic progress. No permanent improvement, he warned, can take place in a country with an unstable currency