MICROECO
MICROECO
MICROECO
Republic Act No. 1199 (Agricultural Tenancy Act of 1954) – governed the relationship
between landowners and tenant farmers by organizing share-tenancy and leasehold
system. The law provided the security of tenure of tenants. It also created the Court of
Agrarian Relations.
8. Carlos P. Garcia (1957-1961)
Garcia exercised the Filipino First Policy, for which he was known. This policy heavily
favored Filipino businessmen over foreign investors.
He was also responsible for changes in retail trade which greatly affected the Chinese
businessmen in the country.
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.
9. Diosdado Macapagal (1961-1965)
Macapagal worked to suppress graft and corruption and to stimulate the Philippine
economy.
He introduced the country’s first land reform law placed the peso on the free currency
exchange market and liberalized foreign exchange and import controls.
On Jan. 21, 1962, Macapagal abolished the economic controls that had been in operation
since 1948. He devalued the Philippine peso by setting its value according to the
prevailing free market rate instead of by government direction.
Agricultural Land Reform Code of 1963 (Republic Act No. 3844) which provided for the
purchase of private farmlands with the intention of distributing them in small lots to the
landless tenants on easy term of payment.