Diosdado Pangan Macapagal
The Fifth President of the Third Republic of the Philippines
Term: December 30, 1961 - December 30, 1965
Poet, politician, lawyer, diplomat, statesman, economist and intellectual,
Diosdado Macapagal was born to poverty but rose due to diligence and brilliance.
Economic Program of the Macapagal Aministration:
In his inaugural address, Macapagal promised a socio-economic program anchored on "a return to free and private enterprise", placing economic development in the hands of private entrepreneurs with minimal government interference.[4]
Twenty days after the inauguration, exchange controls were lifted and the Philippine peso was allowed to float on the free currency exchange market. The currency controls were initially adopted by the administration of Elpidio Quirino as a temporary measure, but continued to be adopted by succeeding administrations. The peso devalued from P2.64 to the US dollar, and stabilized at P3.80 to the dollar, supported by a $300 million stabilization fund from the International Monetary Fund.[4]
Further reform efforts by Macapagal were blocked by the Nacionalistas, who dominated the House of Representatives and the Senate at that time. Nonetheless, Macapagal was able to achieve steady economic progress, and annual GDP growth averaged at 5.15% for 1962-65.[4]
Twenty days after the inauguration, exchange controls were lifted and the Philippine peso was allowed to float on the free currency exchange market. The currency controls were initially adopted by the administration of Elpidio Quirino as a temporary measure, but continued to be adopted by succeeding administrations. The peso devalued from P2.64 to the US dollar, and stabilized at P3.80 to the dollar, supported by a $300 million stabilization fund from the International Monetary Fund.[4]
Further reform efforts by Macapagal were blocked by the Nacionalistas, who dominated the House of Representatives and the Senate at that time. Nonetheless, Macapagal was able to achieve steady economic progress, and annual GDP growth averaged at 5.15% for 1962-65.[4]
Among the most significant achievements of Macapagal as president were the abolition of tenancy and accompanying land reform program in the Agricultural Land Reform Code of 1963. The law was a significant advance over previous legislation, despite numerous amendments imposed by Congress, which was dominated by the rival Nacionalista Party.[4] The law abolished share tenancy on rice and corn farmlands, and established a leasehold system in which farmers paid fixed rentals to landlords, rather than a percentage of the harvest.[4]
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