4.

Macapagal's economic policy was centered on import substitution industrialization,

which aimed to promote industrial development in the Philippines and reduce the
country's reliance on imported goods. To promote industrialization, he implemented
policies such as the Industrial Incentives Act of 1963, the Export-Import Bank of the
Philippines, and the Philippine Export-Import Credit Agency. He also sought to develop
the country's infrastructure, such as building new highways, seaports, and airports, to
support the growth of industries and facilitate the movement of goods and services.
Despite some challenges, his policies had significant positive effects on the Philippine
economy, leading to the expansion of the manufacturing sector and contributed to the
growth of the economy during his presidency.

5. The Industrial Incentives Act was designed to attract more investments and promote
the development of new industries in the Philippines, particularly in the manufacturing
sector. The act provided tax exemptions, duty-free importation of capital equipment and
raw materials, and tax holidays to companies that meet certain requirements.

6. Macapagal also recognized the importance of national development planning in

achieving sustained economic growth and reducing poverty. In 1966, he created the
National Economic Council, which was tasked with formulating and implementing the
country's development plans.

The National Economic Council developed the first Five-Year Development Plan, which aimed
to promote industrialization, increase agricultural productivity, improve social services, and
provide employment opportunities to Filipinos. The plan emphasized the need to reduce the
country's dependence on foreign aid and promote self-sufficiency.

Macapagal's policies towards industrialization and national development planning were

aimed at reducing poverty and promoting sustainable economic growth in the
Philippines. While some challenges and limitations existed, his policies played a
significant role in shaping the economic and social landscape of the Philippines during
his presidency.

7.Diosdado Macapagal implemented several fiscal reforms and export promotion policies
during his presidency to boost the Philippine economy and reduce poverty.

One of his major fiscal reforms was the Revenue Code of 1954, which modernized the country's
tax system and improved tax collection. The code introduced new tax brackets, simplified tax
procedures, and strengthened tax enforcement.
 8. He also implemented export promotion policies to boost the country's export industry.
Macapagal established the Philippine Export-Import Credit Agency, which provided insurance to
exporters against losses due to non-payment by foreign buyers. He also established the
Export-Import Bank of the Philippines, which provided financial assistance to exporters.

9. Macapagal promoted foreign investment in the Philippines, particularly in the

manufacturing sector. He enacted the Industrial Incentives Act of 1967, which provided tax
exemptions, duty-free importation of capital equipment and raw materials, and tax holidays to
companies that invested in the country.

These policies were aimed at promoting economic growth and development in the Philippines
by boosting export earnings, improving tax collection, and attracting foreign investment. While
some challenges and limitations existed, Macapagal's fiscal and export promotion policies
contributed to the expansion of the Philippine economy during his presidency.

10. Macapagal also implemented price control measures to curb inflation and protect
consumers. He issued several executive orders that established price ceilings on basic
commodities such as rice, sugar, and cooking oil. These measures were aimed at ensuring that
these essential goods remained affordable and accessible to the general population, particularly
the poor.

Overall, Macapagal's policies on foreign investment incentives and price control were aimed at
promoting economic growth, protecting consumers, and reducing poverty in the Philippines.
While there were some challenges and limitations, these policies played a significant role in
shaping the economic and social landscape of the country during his presidency.

One of the significant reforms implemented by Diosdado Macapagal during his

presidency was changing the date of Philippine Independence Day from July 4 to June
12.

Previously, the Philippines had celebrated its Independence Day on July 4, which was the same
day the United States celebrated its own Independence Day. This date marked the country's
transition from being a US colony to becoming a self-governing commonwealth in 1935.

However, Macapagal believed that the Philippines' true independence was declared on June 12,
1898, when General Emilio Aguinaldo proclaimed the country's independence from Spanish
colonial rule. He argued that celebrating Independence Day on July 4 was not appropriate since
it symbolized the country's continued dependence on the United States.
On August 4, 1964, Macapagal signed Republic Act No. 4166, which changed the date of
Independence Day from July 4 to June 12. The law made June 12 a special public holiday in the
country and recognized it as the country's true Independence Day.

The change in Independence Day was symbolic of Macapagal's efforts to promote a stronger
sense of nationalism and independence in the Philippines. The move was also seen as a way to
assert the country's sovereignty and to emphasize the significance of the country's struggle for
freedom from colonial rule.

Diosdado Macapagal played a significant role in promoting regional cooperation during

his presidency, particularly in Southeast Asia.

One of his notable initiatives was the establishment of the Association of Southeast Asian
Nations (ASEAN) in 1967. Macapagal was one of the founding fathers of ASEAN, which aimed
to promote regional cooperation, peace, and stability among its member countries.

Under Macapagal's leadership, the Philippines played an active role in ASEAN, promoting the
concept of a unified Southeast Asian community and advocating for regional integration. He
also supported the establishment of regional institutions such as the ASEAN Secretariat and the
ASEAN Free Trade Area.

Macapagal also sought to promote closer ties with other countries in the region through bilateral
agreements and cultural exchanges. He established diplomatic relations with China, which had
been previously strained, and initiated cultural exchanges between the two countries.

Furthermore, Macapagal played an important role in the formation of the Southeast Asia Treaty
Organization (SEATO) in 1954. The organization was aimed at containing the spread of
communism in the region and promoting regional security and stability.

Overall, Macapagal's efforts in promoting regional cooperation were aimed at fostering a sense
of unity and cooperation among Southeast Asian countries and promoting peace and stability in
the region. His initiatives helped to lay the foundation for the continued growth and development
of ASEAN as a key regional organization.