Diosdado Macapagal administration
Major events during the Diosdado Macapagal administration
Diosdado Macapagal was inaugurated as the new president on December 30, 1961, succeeding Carlos P. Garcia.
Macapagal immediately worked to improve relations with the US.
In January 1962, Macapagal announced the abolition of controls that had been in effect since 1949, thus allowing the Philippine peso to float on the foreign exchange market. He stated that controls had "hampered the economic growth of the country and have been a source of graft."
He enacted into law the Agricultural Land Reform Code of 1963.
He changed the date for celebrating Philippine independence from July 4 to June 12.
The Philippine sugar quota was a big issue. The country greatly needed foreign exchange earnings from its exports, while the US faced pressures from its domestic growers of cane sugar in Hawaii and beet sugar in the northern Great Plains.
Macapagal was defeated by Marcos in the November 1965 elections. (See 1965 events)
