Republic of the Philippines

POLYTECHNIC UNIVERSITY OF THE PHILIPPINES

Sta. Mesa, Manila

BUHAY AT MGA SINULAT NI RIZAL

ECONOMIC
INDEPENDENCE
Claro M. Recto

Members:

Alcera, Vincent Luigil C.x

Briguera, Kristine Mae T.
Camora, Jubilee Jane B.
Cuya, Christine Joy S.
Hernandez, Ma. Crisanta S.
Lipana, Krystel D.
Magat, Christina Marie M.
Monocay, Marcus Lanz Roel
Nolledo, Jhayron B.
Ramos, Paul Kevin S.
Rollon, Myka Janilla R.
Solas, John Matthew C.
Tugalon, Aizel Mae M.

Professor Gia Cabangon Amaya

BSA 1-6
 OUTLINE

I. Economic Nationalism
A. We have achieved political freedom, but not economic freedom.
i. A nation colonized for a long time cannot achieve economic
independence simultaneously with its political independence.
a. We would not be so behind other nations if it weren’t for the
stubborn insistence of past administrations clinching to old
systems of governance. Only through the guidance and
inspirations of our leaders through wise and farsighted
policies, calculated sacrifices, and aid of disinterested
foreign friends can such transformations be worked out by
people themselves.
b. We must meet economic freedom through our leaders.
Economic freedom is equated to a true change from a
colonial to an independent country.
B. Economic Nationalism is the solution to our current problems in the
midst of rich natural resources and abundant manpower.
i. Through this, we must become industrialized. Industrialization is the
logical outgrowth for Philippine Nationalism.
a. Economic nationalism means control of resources of the
country by its own people to insure its utilization primarily for
their own interest and enjoyment. It provides a political
expression of independence and sovereignty. Here,
nationalism becomes a dynamic mobilizing force, ensuring
the realization of economic objectives. Economic
Nationalism show’s a nation’s aspirations, desires, and
willingness to improve its material and cultural condition
through its own talents, resources, and sustained labor.
b. To decide the most advantageous cause of action without
bowing to outside pressure is what we need.
C. The Philippines must shift from an agricultural to an industrial
nation.
i. With industrialization, we can generate wealth without the mercy of
other manufacturing nations.
a. Industrial nations are gainers while agricultural nations are
losers, since we export raw materials so cheaply, believing
that we cannot utilize them even though we import finished
products at high prices, thinking that we cannot live without
them in our daily lives. We clearly aren’t in control with our
natural resources for our best interest. Hence, we must
 industrialize so that we shall no longer be at the mercy of
manufacturing nations.
b. Economic activity can produce progress and material
development not nationalistic in orientation, although this
does not solve any major predicament our nation faces.

II. Why Filipino Ownership is Necessary

A. Filipinos must have control over industries in order to meet the
benefits of the majority of people.
i. We must not allow foreign-owned industries to dominate and
instead let us Filipinos take over the industry of our country
a. Most industries generate much wealth annually. If these
were owned by Filipinos, we would reinvest again and again
in other productive enterprises, creating new wealth to
sustain an over-spreading and rising standard of living. If
industries are to be alienated or foreign-owned, the rich
would be fewer and richer while the poor will be poorer.
b. It must be the Filipinos themselves who must catalyze a
truly-industrialize Philippines for the sake of the country.

III. Alien Control of Our Economy

A. Our Economy is heavily dominated by aliens.
i. They have, per capita, more income than our people.
ii. Capital, which is largely extent foreign, begets profits, and the
profits increase the capital that begets even more profits.
iii. Salaries and wages which constitute the share of the people are
never high enough to allow their recipients much beyond their
needs for daily living.
B. Raw material sources and channels of distribution were in alien
hands.
i. 80 per cent of our retail trade was alien-controlled
ii. 78 per cent of out foreign trade was in the hands of aliens
iii. Sugar, rice, copra, tobacco, and lumber trade were also alien-
controlled
iv. 68 per cent of our foreign exchange was bought by aliens.
C. There is urgent need for study and adoption of measures calculated
to eliminate this alien stranglehold on our economy.
i. We will have to depend on our own resources, on our ingenuity, on
our own judgement.
 a. Shall at least be guided by the consideration that the
national interest is supreme
b. The common patrimony must always be defended and
safeguarded with all care, awareness, dedication, and
vigilance.
c. Every Filipino must be regarded as having pledged his honor
from the cradle to the grave.

IV. The Cause of our Poverty

A. We have had an alien dominated economy and political life for more
than four centuries.
i. Filipinos are not independent from foreign domination
a. Working men suffer most from alien/foreign control of our
economy
b. A country dominated by foreigners enriches the foreigners
ii. Educational system fired Filipino’s desire for political liberty
a. Filipinos had been inculcated ideas about economic
dependence on America
b. Filipinos were conditioned to become avid and insatiable
consumers of Western finished products
B. Meeting the need of merchants is equal to production on a few
export
i. The native producers were encouraged to concentrate production
on a FEW export products
a. Importation and distribution exacerbates unemployment.
b. Production of raw materials for export requires less
manpower than the processing of those raw materials into
finished goods.

V. The Need for Economic Planning

A. Economic planning is a “must” for us.
i. What will happen if there is no economic planning?
a. The greedy few will despoil the nation of its resources.
b. Those resources will remain unexploited to the detriment of
rational interest.
c. Mass poverty and mass unemployment.
d. We will soon fall prey to communism.
B. This planning should be the government’s special concern.
 i. Private Filipino entrepreneurs, without government initiative and
intervention, have not been able to take advantage of the
opportunities for increasing the national wealth.
a. It might provide employment and bring welfare and
economic security for all the people.
ii. Only bold leadership and decisive action by the government can
produce the break-through.
a. It will set us moving away from present poverty and
nationwide unemployment.

VI. The Colonial Pattern of our Economy

A. Economic policy in the country are not made by Filipinos nor
intended for the welfare of the Filipinos
i. Basic objectives of economic policy
a. to keep the Philippines as agricultural country
b. to attract to the Philippines foreign direct investments
ii. Appropriate measures formulated to achieve the basic objectives
a. economic aid, to be dispensed thru officers and economic
advisers
b. advisory assistant in all sectors of activity and in all fields
c. military protection
d. parity rights for the Americans with respect to all business
and public utilities and exploitation of the country’s national
resources
B. Economic policy must respond to basic economic problem
i. the kind of economy that the nation must have
ii. the proper approach to the question of foreign investment and
financing

VII. Economic Nationalism Means Industrialization

A. Economic Policy
i. Industrialization in its fullest sense
ii. Economy of prosperity
B. Economic development ≠ Rural development
i. Foreign-inspired rural development
a. Bell Mission Report
b. Quirino-Foster Agreement
c. Hardie Report
d. MacMillan Report
ii. Foreign-financed Organizations
 a. PRRM (Philippine Rural Reconstruction Movement)
b. PRUCIS (Philippine Rural Improvement Service)
c. 4-H Club (Heart, Hands, Head and Health)
C. Economic Progress
i. Shifting of the major part of the people from the land to industrial
pursuits.
ii. Demagogue may paint the rural development program as
attractively as he can.
iii. Demagogue may raise hopes of the rural people as an effective
vote-getting technique.
iv. Increase in Agricultural productivity and more production can never
hope to keep up with the growth of population.
D. Role of Agriculture in any Economy
i. Opposing the land tenure reform
ii. Economic measures to help increase the purchasing power of
people
iii. Must go hand in hand with our people to increase national output
thru industrialization
E. One of the poorest nation of To-day world
i. need for an increase in the national produce
ii. need for making a more just distribution of the same
iii. increase in production
iv. prioritizing the Economic Planning

VIII. The Plight of Agricultural Economics

A. The peculiar realities of the Philippine situation
i. Our colonial economy is necessarily poor
a. Being an agricultural one
b. Alien-dominated one
c. Export-import
ii. Nations with agricultural economies were absorbed by the industrial
nations
a. Since the time economic imperialism was developed
b. To become agricultural adjuncts of the industrial economies
c. Since the time when the domestic markets of the developing
capitalist industrial countries became glutted and the need
for outside markets for their surplus arose
iii. Being agricultural, we do not manufacture most of the finished
goods so we have to import them
iv. Being agricultural, we must export mostly raw materials in order to
pay for our imports
 v. We have to export more of our raw products to pay for a given unit
of the manufactured products that we import
a. We are always on the losing end in our foreign trade
vi. Our economy is susceptible to alien economic infiltration,
penetration, or invasion
a. Being agricultural and poor
b. Being a people suffering from a colonial mentality
vii. Before the war, alien ownership of production and exchange
facilities was acquired mostly by resident aliens thru investment
from accumulated profits made in our own country
viii. After the war, alien ownership and control of our economy were
considerably increased thru foreign, private direct investments
ix. The extent of combined alien ownership and control in our
economy has reached dangerous proportions
a. About ¼ of the national wealth was already owned by aliens,
as of 1938

IX. Industrialization as a Solution to Agricultural Problems

A. The main problems of Philippines agriculture
i. Unemployment and disguised unemployment
ii. Low per capita income
iii. Caciquism
B. Unemployment and disguised unemployment
i. There are a lot of unemployment in rural areas
ii. Urban centers have no employment opportunities for rural folk
iii. Many help their relatives because they have nowhere else to go to
iv. Industrialization will create jobs and will therefore, absorb surplus
rural labor
v. Industry could use this wasted man-power
C. Low per capita income
i. Increased opportunities for employment would help in solving the
second rural problem; low per capita income
a. Farmers could us their slack seasons to join the industrial
force as workers in processing plants near their farms
ii. Increase demand for diversifies agricultural products and by-
products is the biggest boost to rural income
a. Local industries need them for raw materials
iii. Local industries could produce modern farming equipment which
would greatly crease the yield per hectare
a. With fertilizers and more scientific methods of farming
D. Caciquism
 i. Feudal relations which weight so heavily on the shoulders of our
peasantry will be changed under the impact of industrialization
ii. There is no caciquism in USA, England, West Germany, and other
industrialized countries
a. Because the fact that agricultural workers can shift from rural
to urban employment acts as a restraining factor on the rural
employer
b. Also because the typical employer-employee relationship in
industry permeates the agricultural field and finally supplants
the old feudal one
iii. Industrialization will spell the end of caciquism in our rural areas
E. Industrialization will accelerate agricultural development
i. The resulting benefits will be general and permanent
ii. They will not be merely the palliatives which hitherto have been
masquerading as rural development programs

X. The Negative Attitude of Advanced Nations to our Industrialization

Objectives
A. The Grand Deception
i. The colonialism
a. Closed our eyes to our potential
b. Made us believe that industrial economy is the prerogative of
western society
B. Industrialization of other countries
i. Japan
a. “Orientals have the capacity to industrialize”
b. Beat the west in industrialization
c. Their achievements is a lesson to emulate.
ii. Russia and China
a. Scientist acquired prominence
b. A class called Elite
c. Owe their industrialization to scientists and spirit of discipline
of their people
C. Policy of developed nations to lend assistance to underdeveloped
countries
i. Has not been encouraging
ii. Opposed to the industrialization of underdeveloped nations
iii. Would only channel industrialization of underdeveloped ones to
their own benefits.
XI. Industrialization: The Alternative to Poverty
A. Economic development is equivalent to industrialization
B. Clues to correct understanding of industrialism
i. First about the product consumed
a. Must be locally produced
b. Factories and plants are owned by citizens themselves
ii. Second, most people enjoy these finished product
C. Type of Economy
i. Agricultural Economy
a. An economy where major economic efforts in terms of
investment and labor are directed to agriculture.
b. Few manufacturing and service industries.
ii. Industrial Economy
a. Major economic efforts are directed to industrial
iii. Both type of Economy
a. All the various sectors of production are therefore present
but differ in proportion of economic effort.
D. Difference in Agricultural and Industrial Economy
i. The price of raw materials from agricultural economy are low but
the price of finished product in Industrial Economy is high
a. Industrial nation is prosperous, strong and dominant
b. Agricultural nation is poor, weak and dependent
ii. Industrial nations never wanted the raw material producers to
industrialize
a. Resulted to American Revolution
E. Philippines as Industrialize country
i. Is possible with rich mineral resources
ii. A road to prosperity
F. Policy of industrializing the country should be pursued vigorously
and sincerely.
i. Past and present industrialization programs are nothing more than
assembling, bottling or packaging plants.
a. We deceive ourselves by calling those “industries”
b. We content ourselves by thin veneer of industrialism
ii. Subsidizing foreign labors at expense of local labor
XII. Nationalist Industrialization- Not Just “Industrialization”
A. Developing our National Economy
i. Industrialization of our own Economy
ii. Foreign Direct Investments - Channel resources to foreign lands
iii. Foreign Direct Investments - Failure to form Filipino Capital
 iv. The Philippines is rich in natural resources that will enable to
develop the economy at an accelerated pace.
v. As we are capable to develop on our own without the help from
foreign countries, it is in our own hands whether we will decide to
further develop the nation's economy.
vi. If it is decided that we need the help of other countries for this
matter or if we can't refuse economic agreements with them, then
our path towards prosperity of the country is futile.
B. True meaning of Industrialization
i. "When I advocate industrialization I do not have in mind only an
industrialization incidental to a general concept of economic
development based on rural economy."
ii. Real industrialization is having progress in all sectors and
directions, not just in a specific field and place.
iii. For so long, when it cones to industrialization, most people only
think about the progress of the agricultural sector of the country.
iv. "A predominantly agricultural economy garnished with a few minor
industries spells poverty, unemployment, and the continuation of
our colonial status."
v. By eradicating that kind of mindset, it would help the country to
recover from underproduction, unemployment, and poverty.
C. Unclear understanding of the true meaning of ‘industrialization’ and
‘economic nationalism.
i. Misconceptions about Industrialization.
a. It would be impractical to industrialize.
b. Philippines is an agricultural country by nature.
c. Philippines do not have the wherewithal for the goal to
industrialize.
d. Filipinos do not have the technological know-how to
industrialize.
D. Illustrations considering that the Philippines is in a fairly high degree
of industrialization.
i. Recto pointed out illustrations that should happen in the Philippines
to fit his definition of industrialism. According to Recto,
“industrialism, of course, roughly refers to a state of culture and
manner of producing and consuming goods of a national society,
wherein industries and industrial processes predominate.”
a. Most of the people eat puffed rice and cream for breakfast
which are both finished products of the country.
 b. Appliances or electric machines are locally manufactured.
(When the puffed rice and cream are heated, it should be
placed on an electric range which are manufactured locally.)
c. Majority of the grown-ups earn their livelihood in factories or
business enterprises owned mostly by their fellow
citizens/countrymen.
E. American Tariff Act of 1909 was disastrous to the economy of the
Philippines.
i. The act was a bilateral preferential free trade intended to protect
the business interests of Americans in Philippines.
a. Philippines remained as the producer of primary or raw
materials for export to United States.
b. As a result, Philippines depended entirely on the American
market for the exportation of products like sugar, hemp, and
copra.
c. Whatever thoughts that the Filipinos have cropped up now
and then were soon discouraged.
F. The Bell Act gave parity to Americans in the nation’s natural
resources and public utilities.
i. Entitle the Filipino war sufferers to receive damage payments.
ii. It deprived us the power of independent action in economic
matters.
iii. It was revised wherein restrictions affecting our sovereignty have
been removed.
iv. On the other hand, parity rights for the Americans were not only
maintained but extended to all fields of business activities.
G. Philippines as an agricultural nation and its relationship with USA (a
manufacturing nation)
i. A distinguished American writer said, "as the economies of the
United States and the Philippines are largely complementary, and
not competitive, both countries profited but especially the
Philippines."
ii. USA - manufacturer vs PH - producer of raw materials
iii. “To say that that the two economies are complementary is not to
say that the relationship has been beneficial to both in the same
degree."
iv. USA - always the gainer, PH - always the loser.
v. There were no cases in history that tells that an industrial nation
was ever colonized. They were always on a different level
compared to the agricultural nation.
vi. "The industrial nation has always been the dominant nation, and
the agricultural, the subservient."
H. American economists perceive the free trade between America and
Philippines positively for the latter.
i. The free trade has been enormously profitable to the Philippines.
 ii. The free trade made the past progress possible.
I. True Filipino economists would not consider the American Tariff Act
of 1909 to be equally beneficial for both countries.
i. The industrial nation (America) has greater benefits than the
agricultural nation (Philippines).
ii. The free trade prevents the industrialization of Philippines.
a. It is due to the exportation of raw materials and importation
of processed goods.
XIII. Parity rights
A. Parity rights are grossly unfair.
i. It is the first time in history wherein an independent nation has
granted equal rights by their own to those of not its citizens.
ii. It is granted with the assumption that the United States would
reciprocate and give the same rights on us.
iii. In truth, it is not within the power of US to grant such equal rights to
the citizen of another.
a. A State Department representative apologetically said, “I
feel they (Filipinos) should not be forced to give America
citizens special rights which we cannot give to Filipino
citizens.”
iv. It is very naïve on us to believe that they will grant it even though
they have the constitutional power to do so.
a. Representative Carlsor stated that it is better to ask we (US
citizens) if we would agree to such same requirement were
they submitted to us by another nation.
B. In our belief, we are “independent”
i. A typical compliment of our big “partners” in the “special
relationship”
a. They behave and act towards us in a quite contrary manner
b. Ten years ago, they imposed the Bell Trade Agreement,
together with parity upon us
ii. Nine years of Filipino opposition and agitation against the Trade
Agreement
a. Our big “partners” finally consented to revise it
b. Parity has remained
c. It has been extended to all fields of economic endeavor
d. It widen far beyond its original scope in 1946 which was
confined to the ownership and exploitation of natural
resources and public utilities
iii. No other independent country in the world except ours
a. Granting parity rights to the citizens of another
XIV. Our currency Dependence
A. Our country needs dollars, but we should stop being fully reliant on
it.
i. Our insistence on demanding dollars as payment for the products
we produce hinders the expansion of our market and trade relations
with other countries who show interest in our goods.
ii. The countries who want to trade with us can offer us products that
can be useful to us.
iii. We could achieve economic prosperity and create a larger trade
network if only we would separate ourselves from the control of the
United States of America.
iv. A leadership which is committed to the economic enhancement of
the country will push through in full determination with the goal of
ensuring the stability of the Filipinos today and the generations to
come.
B. We should focus more on strengthening our internal financing and
usage of the local currency if we plan to move forward.
i. We should allot our local currency for the payment of factors of
production such as labor and raw materials.
ii. Foreign currencies should only be used in foreign purchases and
importation of goods from overseas.
iii. Our dependence on dollar is fueled by the foreigners who want us
to keep using their currency so that they will continue to benefit
from it.
iv. It is high time to shift our attention from dollars to the usage of our
currency—the Philippine peso—in our businesses.
XV. Foreign Loans
A. Capital is essential in economic development: a large capital leads to
a faster production of goods and a more rapid growth of the
economy.
i. In the Philippines’ current condition wherein the Filipino capital is
running low, we could use some help from foreign capital if the
country is seeing a speeding up in the development of the
economy.
a. The said capital will only be used to buy products that we
cannot locally produce.
b. An excessive amount of foreign capital is bad for the
economy.
B. Foreign loans should be preferred to foreign direct investments.
i. Foreign loans at reasonable interest rates are a complement to
internal financing.
 a. They will take care of the functions that internal financing
cannot perform at the present time such as the obtainment
of goods that are used in the production of other goods and
services.
ii. Foreign direct investments mean we are granting ownership of
businesses and the potential profits to foreigners
iii. The opposition to foreign direct investments is not a result of purely
emotional nationalism.
a. Purely emotional nationalism without studying the complex
system of the economy is harmful.
b. The industrialization of the country by the Filipino capitalists
is not simply the prevention of industrialization by foreign
capitalists.
c. It involves the use of Filipino capital to exploit our resources.
d. It equates to the development and strengthening of Filipino
capitalism instead of the foreign ones.
e. It aspire the increase of the national income, but not allowing
most of it to go to the pockets of the foreigners.

XVI. The difference between Foreign Loans and Foreign Investments

A. Foreign Loans
i. Borrowing money from abroad for our economic development.
ii. Filipinos become then capitalists.
a. The borrower would pay interest to the foreign creditors.
b. Through the use of credit, they would add interests that are
more than the amount they need to pay.
c. The capitalists would retain the profits.
iii. It is much better and much needed for the country.
B. Foreign Investments
i. Usually with this, the foreign investor will be the one to reap all the
benefits of the transaction.
a. If allowed, they would take them away from the country.
ii. All the fruits of the economic efforts and natural resources would be
given to the foreign capitalists, leaving nothing for the Filipinos.
iii. In the long run, it would strangle us economically

XVII. Why Foreign Direct Investments cannot bring Property

A. Foreign direct investments would not help in our domestic capital
formation.
i. Salaries and wages are all spent on daily needs and not saved.
B. It is hardly ever a source of capital formation.
 i. The profits that are produced from foreign capital would not
promote our local capital formation.
ii. No increase in our capacity to produce.
C. It would just end into a poor and undeveloped nation.
i. When the foreign investor bagged their income, capital, and
savings, the country would be left with nothing and just go back to
the way it was before.
ii. In worse situations, we would have no choice but to beg those
investors to keep their investments in the country in order to create
economic opportunities for us.
a. Bring employment to the laboring class.

XVIII. The connection of parity and foreign investments has a direct impact in
our economy.
A. Parity is the doorway through foreign investments.
B. The wider the door, the easier foreign investment will enter the
country.
i. As the doors of Japan and 20 Latin-America republics and the
Colombo powers shut against foreign investments, the more they
would be funneled into our open door.
C. Enlargement of parity rights mean it will be more difficult for us to
obtain American loans.
i. They will invest more from a direct investment that could have profit
that is 10 times higher from foreign investments that earns roughly
2-4% interest rate.
D. We should learn from the experience of Latin America
i. They have no parity with United States
ii. The knowledge of American business in terms of technique,
organization, know-how, and to the result of advance industrial
development that made them enters the market.
iii. It caused the Latin American economy to be retarded from growth
of local, native and industrial capitalism in that area.
iv. From that, we need to further protect our local markets from that
kind of superiority because of parity rights that is being enjoyed by
American corporations in the Philippines.
E. Effect of the Parity rights
i. Filipino economist pointed out that the overwhelming advantage of
United States in terms of industrial efficacy would lead to the
impossibility of our country to achieve even moderate progress in
industrialization.
 a. Unless some form of protection is given to infant/small
industries.
b. An emphasis on imperative need of the Philippines to shield
itself from an economic invasion is given.
ii. It is because of the possession of those overwhelming rights.
iii. The difficulty of the action lies on the fact that a nation’s
dependency on the protection of other countries’ military power
could degrade their political power to protect itself because it
receives protection from the former field.
a. Economic competition

XIX. The Example of Puerto Rico

A. Puerto Rico
i. Show-window of industrialization and economic development
a. Rich and prosperous in territorial aspect and bound to
become more so
ii. Its people (Puerto Ricans) are not themselves prosperous
a. Wealth of Puerto Rico is concentrated in the hands of foreign
investors
b. Representatives of the people overwhelmingly voted against
independence
iii. Meditating to the fate of the Philippines if it became industrialized
along the same lines followed and by the same method used in
Puerto Rico
a. Foreign investments are financing the industrialization and
the economy is passing gradually into foreign hands
b. Its people shall be poorer than ever
c. Political independence would dwindle into insignificance
B. Its fate must neither be forgotten nor overlooked

XX. The Fallacy Of “Philippines First”

A. “Philippines First” as a substitute for the “Filipino First” policy
i. Granting concessions and privileges to alien residents
a. Detriment of the Filipinos
ii. National income and gross national product increasing from the
territorial point of view.
a. Filipinos need not worry because they are rich on paper.
iii. Philippines as a wealthy and prosperous geographical unit
a. Filipinos should not mind if they remain poor and destitute
 b. Most of the national wealth is in the hands and coffers of
resident aliens
B. Reminder about present economic setup which “Filipino First”
policy seeks to alter
i. It is the aliens and not the Filipinos
ii. Main beneficiaries of the country’s economic efforts
C. Conditions in America, England, Japan, and Germany are entirely
different from the Philippines
i. Wealth in those countries is not concentrated in the hands of aliens
and there is a little likelihood that it will ever be
a. “America First” and “England First” as well as “Japan First”
and “Germany First” are safe slogans for the peoples of
these countries
b. Such countries are highly developed
c. There is no danger that alien interests could infiltrate to
prosper at the expense of their respective nationals
ii. Political independence of those countries from foreign pressure has
never been a matter of doubtful value
a. They enjoy economic independence
iii. Underdeveloped countries like Philippines
a. Mercy of rich, aggressive, foreign investors
b. Consequences of so-called special relationship with a
powerful foreign power

XXI. "Filipino First" Policy

A. Aim of Filipino First" policy
i. People who benefited to the policy are not only Filipinos but mainly
of aliens enjoying parity rights with Filipinos.
ii. Policy is about safeguarding Filipino interest and not discriminating
aliens.
a. All foreign interest established here - as far as economic
invasion is concerned - English, Spanish, Dutch, German,
Belgian and other Europeans, are last to give the Filipinos
cause for concern.
B. Prosperity and happiness cannot be attained unless political
independence is complete.
i. Own policies cannot be adopted if there is no complete freedom of
action.
ii. The influencers or authors of policies will always be the ones who
will benefit for it.
a. Exports continue to be the greater part of raw materials
which prices are dictated by foreign cartels.
b. Imports which far exceed our exports continue to be main
manufactured goods.
c. Maintained too long an agrarian economy with inevitable
train of unemployment, mass poverty and social injustice.