CONDITION OF THE PHILIPPINES
The Philippines agreed to numerous conditions set by the United States as a requirement for the Philippines to receive war reconstruction assistance.
The flow of imports had greatly increased making the Philippines heavily dependent of imported products. Imports coming from the United States were also allowed to enter the country without tariffs, the Philippines also promised not to change its exchange rate from $1 is to P2.
The condition of the Philippines before the administration of Garcia was the Philippines is just recovering from the after effects of World War 2, with this the Philippines experienced several economic challenges.
The main problem that was facing the Garcia administration was the current economic situation during that time. Corruption was also prevalent in the country since he had just inherited the Magsaysay administration. Several cases of corruption were found within the government offices during his administration.
The imports that were coming in the country greatly outnumbered the exports that we were shipping out of the country, making the Philippines highly dependent on foreign products that required dollars to purchase.
PROMISES DURING THE ELECTIONS AND INAUGURATION
• reorienting our national economic policies toward doing first things first
• must first produce here, by and for ourselves, enough to provide for the fundamental needs of life — food, shelter and clothing
• step up the tempo of establishing the agricultural industries to utilize with the least delay the abundant natural resources
• to generate here the machinery for the entire Philippine agro-industrial structure
• The Government will continue its low-cost housing projects and its land redistribution and resettlement program
• we shall pursue our health development activities especially in the barrios and other rural areas
• The education of our youth should henceforth lay...