Macapagal promised a socio- sparing program anchored on a return to gratis(p) and private enterprise, placing economic development in the custody of private entrepreneurs with minimal government interference.
Twenty days later the inauguration, exchange controls were lifted and the Philippine peso was allowed to float on the free currency exchange market. The currency controls were initially adoptive by the administration of Elpidio Quirino as a temporary measure, provided continued to be adopted by succeeding administrations. The peso devalued from P2.64 to the US dollar, and stabilized at P3.80 to the dollar, supported by a $300 million stabilization fund from the internationalistic Monetary Fund.[4]
To achieve the national remainder of economic and cordial progress with prosperity reaching down to the masses, there existed a plectron of methods. First, there was the choice between the democratic and supercilious systems, the latter prevailing in Communist countries. On this, the choice was easy as Filipinos had long been committed to the democratic method.[  With the democratic mechanism, however, the next choice was between free enterprise and the controls system.
Macapagal tell the essence of free enterprise in layman accent in declaring before Congress on January 22, 1962 that the task of economic development belongs principally to private enterprise and not to the government.
Socio-economic program
The removal of controls and the restoration of free enterprise was intended to provide single the fundamental setting in which Macapagal could work out economic and social progress. A specific and periodic program for the guidance of both the private sector and the government was an essential promoter to attain the economic and social development that constituted the goal of his labors.
Five-Year program formally known as the Five-Year Socio-Economic Integrated instruction Program it could be seen that it aimed at the following objectives.
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