THE PHILIPPINE REPUBLIC 1960–January 1963 during Pres Carlos P. Garcia
President Garcia initiated what has been called "The Austerity Program". His administration was characterized by its austerity program and its insistence on a comprehensive nationalist policy. On March 3, 1960, he affirmed the need for complete economic freedom and added that the government no longer would tolerate the dominance of foreign interests (especially American) in the national economy. He promised to shake off "the yoke of alien domination in business, trade, commerce and industry." Garcia was also credited with his role in reviving Filipino cultural arts.[3] The main points of the Austerity Program were:[4]
- The government would tightened up its controls to prevent abuses in the over shipment of exports under license and in under-pricing as well.
- There would be a more rigid enforcement of the existing regulations on barter shipments.
- Government imports themselves were to be restricted to essential items.
- The government also would reduce rice imports to a minimum.
- An overhauling of the local transportation system would be attempted so as to reduce the importation of gasoline and spare parts.
- The tax system would be revised so as to attain more equitable distribution of the payment-burden and achieve more effective collection from those with ability to pay.
- There would be an intensification of food production.
The program was hailed by the people at large and confidence was expressed that the measures proposed would help solve the standing problems of the Republic
At the end of his second term, he ran for re–election in the Presidential elections in November 1961, but was defeated by his Vice-President Diosdado Macapagal, who belonged to the opposing Liberal Party (the President and the Vice-President are elected separately in the country).
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