The Rotary Balita no. 785 (December 1, 1955).

Manila Rotarians last Nov. 10 heard Manuel Elizalde, president of Elizalde & Co., prescribe a "tighten the belt" policy and a "produce more goods" program as a remedy to the deterioration of Philippine international reserves. "Based on population growth and employment ratio," Elizalde said, "while job opportunities increase by 25,000 yearly, there are 135,000 who seek work every year." Unless more job opportunities are increased, he warned, "the situation will get out of hand." Elizalde also urged serious attempts to reduce the gap between imports and exports. He explained that while he agreed with the importation of highly essential commodities, he could not see any valid reason for the importation of luxury items. Summarizing his suggestions for improving Philippine economy, Elizalde said that: 1. Filipinos must strive to become self sufficient in staple foods and bring their prices within the reach of the masses; 2. There should be a limit of imports to highly essential commodities and the banning of the entry of those goods already produced here; and 3. The country should expand its industrialization in such a way as not to prejudice already established industries.