Proceedings of the first Independence congress : held in the city of Manila, Philippine islands, February 22-26, 1930 / Published under the direction of Dean maximo M. Kalaw, executive secretary, University of the Philippines.

ECONOMIC SECTION

61

phical reasons demand it, we must strive to have them independent with honor, glory and benefit for all.
An open discussion followed and Prof. Macaraig,
of the University of the Philippines, called attention
to the fact that while Europeans went into politics,
Americans engaged in business. Mr. Celeste reminded
the members that what count in the long run are
technique and organization, the two things responsible
for German success in industry. Representative Confesor emphasized the much needed protection of our
business men and called attention to the poor banking facilities enjoyed by Filipino business men as
compared with those enjoyed by foreigners. On the
whole the members evinced in their discussion, a
sentiment in favor of having a real Filipino banking
institution that would extend adequate protection to
Filipino business men and industrialists. This undoubtedly supplies a much needed food for thought
for our government officials and financiers interested
in having Filipinos increase their participation in business and industry.
A discussion of possible taxation under a republic
followed. This was led by Senator Quirino and
Representative Festin.
Senator Quirino emphasized the need for a general
revision of our taxation system and the inevitable
consequence that, with independence the people must
be ready to shoulder a heavier burden of taxation.
Representative Festin called attention to the fact
that there is now a Committee on Taxation in the
Legislature. The cedula tax, he said, is the best
proof of the willingness of the people to bear the