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Diosdado Macapagal served as the fifth President of the Philippines from 1961-1965. He initially had high popularity due to promises of economic and political reforms. However, his administration was plagued by corruption scandals, including the Stonehill scandal where he deported a businessman to avoid impeachment. His economic policies like devaluing the peso and lifting import controls hurt the economy. He lost reelection in 1965 to Ferdinand Marcos. His presidency saw continuing tensions with the US over military jurisdiction and war damage claims.
Diosdado Macapagal served as the fifth President of the Philippines from 1961-1965. He initially had high popularity due to promises of economic and political reforms. However, his administration was plagued by corruption scandals, including the Stonehill scandal where he deported a businessman to avoid impeachment. His economic policies like devaluing the peso and lifting import controls hurt the economy. He lost reelection in 1965 to Ferdinand Marcos. His presidency saw continuing tensions with the US over military jurisdiction and war damage claims.
Diosdado Macapagal served as the fifth President of the Philippines from 1961-1965. He initially had high popularity due to promises of economic and political reforms. However, his administration was plagued by corruption scandals, including the Stonehill scandal where he deported a businessman to avoid impeachment. His economic policies like devaluing the peso and lifting import controls hurt the economy. He lost reelection in 1965 to Ferdinand Marcos. His presidency saw continuing tensions with the US over military jurisdiction and war damage claims.
Diosdado Macapagal served as the ffth President of the Philippines. At frst, Macapagal was very popular: he was articulate, charismatic, and he inspired great expectations of economic, political, and ethical reforms. He began a set of programs he called New Era: Within months of his inauguration, Macapagal plunged into the turmoil of scandals and controversies spawned by his reforms, and he quickly lost his original popularity. 1962 Stonehill Scandal Harry Stonehill was a very successful American businessman in the Philippines. Justice Secretary Jose W. Diokno was investigating him for alleged corrupt practices when Diokno discovered that Stonehill had a black book listing top Philippine Government offcials whom he had bribed. The list of names report- edly included President Macapagal, his predecessor President Garcia, and much of the ruling Liberal Party and the opposition Nacionalista Party. Macapagal fred Secretary Diokno. When it seemed imminent that Stonehill would be forced to testify, with the potential scandal resulting in an impeachment of the president, Macapagal had Stonehill deported so he couldnt testify. Macapagal had campaigned against Garcia on a platform of fghting corruption in government, promising to eliminate them if elected. But his administration was soon tainted with corruption charges by a big scandal: New Era Programs 1. Emergency Employment 2. Economic Liberalization President Macapagal tried to boost the Philippine economy by giving jobs to young Filipinos through a new program called Emergency Employment Administration (EEA). Thousands of jobs were created in reforestation, land clearing, and home industries. 3. Anti-Corruption Drive Under pressure from the US Government and international fnancial institutions, Macapagal reversed Garcia-era economic policies with economic liberalization policies: Lifting of foreign exchange controls: Under Garcia, foreign (mostly American) companies in the Philippines had been prohibited from taking their profts back to the US. Macapagal lifted the controls, allowing foreign businesses to send their profts home. This resulted in a shortage of foreign currency. The government was then forced to seek foreign loans to avoid a currency crisis. Floating Peso: Under Garcia, the Peso had a fxed exchange rate, to keep low prices for domestically-produced goods and food. Macapagal allowed the Peso to foat on currency exchange markets, causing a nearly-100% devaluation of the Peso, leading to increased consumer prices, hurting Filipino consumers. Lifting of import controls: Under Garcia, foreign imports were limited, to encourage domestic production by Philippine businesses. Macapagal lifted these limits, with the result that foreign imports fooded in, hurting domestic industries and agriculture. But US businesses were happy. Chap 21, pg 2 Friction with the USA The issue of jurisdiction (legal control) over American soldiers in the Philippines, which had not been fully settled after the 1959 discussions, continued to be a problem. During the period 1960-1965, there were a series of incidents, including murders at Clark Air Base, which aroused anti-American demonstrations. Negotiations led to a 1965 agreement which had provisions which it was hoped would solve the problem. 1965 Philippine Presidential Election In 1965, Macapagal ran for re-election to the Presidency and was challenged by his former party-mate, Senate President Ferdinand Marcos, who had switched to the Nacionalista Party. According to historians, the U.S. Government remained neutral and uninvolved in the 1965 Philippine national elections. Both candidates hired American authors to write their biographies in time for the election. In the election, Ferdinand Marcos won with 52% of the votes. More Problems at the U.S. Bases In 1962 the U.S. House of Representatives rejected additional Philippines monetary claims for the destruction caused by the American military during World War II. The rejection set off a wave of public anger in the Philippines, just before Macapagal was scheduled to make a state visit to the United States. Macapagal postponed his U.S. visit, and wrote to President John Kennedy: The feeling of resentment among our people and attitude of the U.S. Congress negate the atmosphere of goodwill upon which my state visit was predicated. President Macapagal then changed the offcial celebration of Philippine Independence Day from July 4 (the date in 1946 that United States granted independence) to June 12 (the date in 1898 that Emilio Aguinaldo declared independence from Spain).
The Exiles of Florida
or, The crimes committed by our government against the
Maroons, who fled from South Carolina and other slave
states, seeking protection under Spanish laws.