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OCR Page 1 of 2THE WHITE HOUSE
WASHINGTON
August 20, 1946
MEMORANDUM FOR
THE PRESIDENT
On August thirteenth you referred to me a
letter from President Roxas relating to the general
financial condition of the Philippines and more particu-
larly to two loans, one of $250,000,000 from the Export-
Import Bank for the purpose of setting up a Philippine
Reconstruction Finance Corporation, and the other in the
amount of $400,000,000 to meet the budgetary needs of
the Philippine Republic for the next five years. The
latter doubtless to be procured from the Congress, al-
though the letter is not specific as to the source.
You will recall that a previous request for a
loan to the Philippines from the Export-Import Bank was
disapproved by the National Advisory Council on Inter-
national Monetary and Financial Problems. Following
such action, authority to make a loan to the Philippines
was requested of the Congress, which body authorized a
#loan through the Reconstruction Finance Corporation.
The President of the Philippines now expresses the hope
that you will find it desirable to suggest that the Na-
tional Advisory Council reexamine its decision with a
view to obtaining endorsement of the two loans desired.
In your reference to me, you asked that I
discuss the matter with the interested agencies and pre-
pare a reply to President Roxas. I talked with Chairman
William McChesney Martin, Jr., of the Export-Import Bank,
on his return to Washington yesterday, and today I took
the matter up with the Under Secretary of State for Eco-
nomic Affairs, William L. Clayton. (As you know, the
Secretary of the Treasury has been out of town.)
I do not believe that you would be warranted
in directly or impliedly recommending to the National
Advisory Council or the Export-Import Bank reconsideration
of the application for loan which was turned down, nor do
I believe you are in a position at this time to say that
you will recommend that the Congress authorize a further
loan to the Philippines.
$75,000,000.00
NATIONAL
ARCHIVES AND
RECORDS
SERVICE"
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