The Rotary Balita no. 762 (January 27, 1955)

Speaker Jose B. Laurel Jr., addressing the Manila Rotary club last Jan. 20, scored the govern- ment's present economic policy which he called pur- poseless and futile because of lack of coordination in its implementation. He cited interdepartmental jealousies and apathy among government officials as directly responsible for the economic state of affairs which is being felt mostly by the masses, especially by the growing ranks of the unemployed. Speaker Laurel also denounced the commercial banks which he described as mere pawnshops for charging excessive rates of interest on loans for the establishment of new industries. Laurel said he believed the present tax system is adequate to fill the national coffers if adequately implemented. He said Congress will consider the pleas of businessmen and industrialists to accelerate activity through possible revision of the banking laws. Three "Baby Rotarians" were sworn in: Harry Brenn, FOA director here; Francis Leung, and Hersh Swiryn.