9 January
Dewey Dee flees with over an estimated US $100 million, spurring bank runs, capital flight, and a liquidity crisis forcing the Central Bank to bail out financial institutions.
16 January
President Ferdinand Marcos signs multiple Presi-dential Decrees (PD), among them: PD 1801, establishing the Central Bank; PD 1834, increasing penalties for rebellion, sedition, and related crimes; PD 1829, penalizing obstruction of appre-hension and prosecution of criminals and PD 1822, providing for trial by court martial of Armed Forces members.
17 January
Pres. Marcos lifts Martial Law (Proclamation No. 2045).
7 April
Plebiscite amends 1973 Constitution, shifting to a parliamentary system of government.
6 June
Businessman Jaime Ongpin questions govern-ment’s rescue of ailing crony firms in a letter to the Asian Wall Street Journal.
16 June
Presidential and Parliamentary elections (80.9% turnout), but opposition boycotts
July
Usury Act of 1916 is amended, lifting interest rate ceilings on all types of deposits and loans.
29 October
Makati Business Club is organized to serve as the Forum for Constructive Ideas. Board of Trustees includes Enrique Zobel, Bernardo Villegas, Rogelio Pantaleon, Jose Romero Jr. The Advisory Board is composed of James Collins, Jaime Ongpin, Antonio Ozaeta, Washington SyCip, and Jaime Zobel de Ayala.
MBC publishes maiden issue of Economic Papers.
9 November
Prime Minister Cesar Virata speaks before MBC’s inaugural breakfast meeting at the Hotel Inter-Continental. He says government targets to source 50% of its energy requirements by 1986; that the coconut levy has to remain; and discusses the government’s development for 1983-1987 scheduled for deliberation by the Batasang Pambansa.