We joined the OECD (Organisation for Economic Co-operation and Development) in 1964, because we are convinced that with the increasing interdependence of the economic communities of the world, a closer cooperation among the various national economies would contribute to the development of the respective economies and, in the long run, of the world economy itself and to the peaceful and cooperative relationship among the peoples of the world, and because we judged it was necessary for us, in the interest of the long-range development of our economy, to make efforts for creating a firm relationship of cooperation between our economy and those of other countries and for maintaining and expanding the freedom of capital movements as well as of current invisible operations.

To accelerate the sound development of the national economy, in consonance with the principles and objectives of economic nationalism, and in pursuance of a planned, economically feasible and practicable dispersal of industries, under conditions which will encourage competition and discourage monopolies, it is hereby declared to be the policy of the state to encourage Filipino and foreign investments, as hereinafter set out, in projects to develop agricultural, mining and manufacturing industries which increase national income most at the least cost, increase exports, bring about greater economic stability, provide more opportunities for employment, raise the standards of living of the people, and provide for an equitable distribution of wealth.

carry on the business of banking in all its branches and departments, including borrowing, raising or taking up money; lending or dealing in bills of exchange, promissory notes, coupons, drafts, bills of lading, warrants, debentures, certificates, scrip and other instruments and securities, whether transferable or negotiable, or not; granting and issuing letters of credit and circular notes; buying, selling and dealing in bullion and species; acquiring, holding and issuing on commission, underwriting and dealing with stocks,’ funds, shares, debentures, debenture stock, bonds, obligations, securities and investments of all kinds, the negotiating of loans and advances; receiving money and valuables on deposit, or for safe custody, or otherwise; collecting and transmitting money and securities; managing property, and transacting all kinds of agency business commonly transacted by bankers.

On 20th September, 1967, the Danish, Norwegian and Swedish Governments each filed with the European Commission of Human Eights an application against the Greek Government in accordance with Article 24 of the European Convention on Human Rights.

“SEC. 14. (a) The Secretary of the Treasury shall instruct the United States Executive Director to propose the establishment by the Board of Executive Directors of a program of selective but continuing independent and comprehensive audit of the Inter-American Development Bank, in accordance with such terms of reference as the Board of Executive Directors itself (or through a subcommittee), may prescribe. Such proposal shall provide that the audit reports be submitted to the Board of Executive Directors and to the Board of Governors. The Comptroller General of the United States shall prepare for the Secretary of the Treasury the scope of the audit and the auditing and reporting standards for the use of the United States Executive Director in assisting in the formulation of the terms of reference.