Word: magsaysayism
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...that the Philippine Republic has a truly free press. A free press the nation does have, with a heightened capacity for invective, and the air is usually filled with political cries that everything and everyone is for sale. Only during the three-year presidency of the late, dedicated Ramon Magsaysay was there a notable absence of charges of corruption at Malacanan Palace. Only a little more than a year since President Magsaysay's death in a plane crash, under the stewardship of the undistinguished politician who was his Vice President, the Philippine Republic finds itself in the worst financial...
Chits for Cash. While Magsaysay scrupulously refused to accept campaign contributions himself, Garcia let it be known that he would accept contributions personally-or they might be given to his wife, whose financial acumen and taste in jewelry are much admired in Manila. For a long while, permission to withdraw dollar reserves from the Central Bank was granted only when accompanied by chits initialed by Garcia. During his six-month campaign, the bank's dollar reserves dropped $90 million as a result of heavy but legal withdrawals...
...weeks after President Magsaysay's death, the new Garcia administration gave an organization called the Philippine Coconut Producers' Federation permission to barter copra for foreign goods. The federation, Senate investigators later learned, was merely a front for a naturalized Chinese operator who exported only a fraction of the copra he was supposed to, but managed to reap a tidy $600,000 profit by selling to Manila merchants his dollar import allocation...
...Philippines. Magsaysay is missed, but last month's elections, returning President Garcia to office while installing the opposition Liberals' Diosdado Macapagal as his Vice President, argue stability and democratic progress. The Communist Huks are almost extinct. Though the economy could be strong and prosperous, the Philippines are now in the throes of a crisis. Dollar reserves are down 30% since January, and President Garcia has called on Filipinos to "retrench," asked the U.S. for a $100 million loan. Fortnight ago he sharply restricted imports and dollar credits, announced a new austerity program designed to stop the drain...
Undoubtedly the Nacionalistas will try to lure Macapagal into their party. But Macapagal, convinced that the country must develop a two-party system based on principles and not mere personalities, rebuffed his friend Magsaysay's own efforts to sway him through four years, and stuck with the Liberals in defeat, fighting its corrupt elements from within...