Near Bankruptcy Of
p. 111 · Read in the full issue
Philippines
ONLY a recent loan from the Inter national Monetary Fund has saved the Philippines Republic from bank ruptcy. When tne loan came, the salaries of thousands of public servants were in arrears.
The cost of living spiral in the Republic makes similar trouoles in Oceania look as puny as a corkscrew. A glass of beer in Manila costs 5/-; a decent meal 25/-.
Like their Djakarta friends, the Filipino politicians who so ardently desired •‘independence” are finding that it can be a two-edged sword.
Trade with Australia
THE Philippines could not continue to make big purchases in Australia unless Australia bought more in exchange, the Pnilippines Minister to Australia, Dr. Roberto Regala, told the Junior Chamber of Commerce in Mel bourne in early October.
The trade balance between the two countries is now seven to one in Aus tralia’s favour. The Minister said that there were great opportunities for Aus tralian businessmen in the Philippines.
New firms and businesses were tax-free for four years. This year 58 new firms had been established. Their products included glass, bricks and tiles, nails, cement, and textiles.
The Philippines could also supply Aus tralia with all the hardwood she needed.