February 23, 1942

Proud of our boys in Bataan. They are still holding the line. KGEI reports “heavy exchange of artillery in the Bataan peninsula.” We’re doing better than Singapore. Filipinos are good soldiers.

Messrs. Noya, Kobatake and Evangelista returned from Bulacan. They report confusion and misunderstanding in purchase arrangements between Major Kurumatani and Supervisor Noya.

Posadas reported inability to handle tremendous amount of detail work in connection with the handling of confiscated rice.

Bank meeting this morning. Didn’t agree with the Board. Binalbagan has a credit line of ₱1,000,000 which was being increased to ₱1,500,000 favorably. On the other hand, Nasugbu and Roxas firms were requesting a credit line of ₱100,000 each for 160,000 piculs of sugar and this was denied. It was my opinion that under the circumstances, Binalbagan’s request should have also been denied. Carmona argued that Binalbagan belonged to the bank. I said that that should give greater weight to my contention. Then Chairman Vargas revealed that ₱350,000 of the requested increase had already been given. This was given without the Board’s knowledge nor consent and I called the Board’s attention to this. Chairman Vargas demanded a categorical answer: “Do you approve—Yes or no?” I remained silent. The credit line was passed.

After the meeting. Vargas called me. In the presence of President Carmona, Vargas apologized, giving as excuse his state of high nervous tension.

Later in the morning, as I had no time to go to the bank, I told Carmona over the telephone that under the circumstances, I did not want any longer to be a board member and I leave it to him to present my resignation as bank director at the opportune time. Carmona asked me not to resign. “Just forget the matter, Vic,” he said.

Those present in the board meeting were Carmona, Sison, Rodriguez, Gomez, Avanceña and Vargas.

I submitted my resignation, verbally anyway. A man must stick to his principles.

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