1. Philippine Chemical Industry-Young and Promising
- Author
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S.J. Miguel M. Varela and S.J. William J. Schmitt
- Subjects
business.industry ,Constitution ,Economic policy ,media_common.quotation_subject ,Foreign capital ,Tariff ,General Medicine ,Chemical industry ,Raw material ,The Republic ,Agriculture ,Development economics ,Economics ,Production (economics) ,business ,media_common - Abstract
PHILIPPINE LEADERS are aware of the need for diversifying the economy of the young republic. They have done much to encourage industrial development with the result that output doubled between 1949 and 1955. Initial tax-free status and tariff preference are granted to new and essential industries. Practically all chemical production is classified as necessary. Foreign capital is encouraged, especially from the United States, whose citizens enjoy equal rights with Filipinos under the Philippine Constitution. The chemical industry is essential to the Islands not only to conserve import dollars, but also as a necessary adjunct to production and use of agricultural products. A Five Year Industrial Development Program, now under consideration, envisages the cooperation of public and private investments in the setting up of new industries. Besides the chemical processing industries mentioned in the table (this page), others of interest to the chemical industry include those for production of rayon, power, charc...
- Published
- 1958