Editing Manuel L. Quezon (section)

====Economy====
[[File:President Manuel L. Quezon signed the budget.jpg|thumb|President Manuel L. Quezon signed the budget for the following year in 1937]]
When the Commonwealth was created, its economy was stable and promising.<ref name="Molina, Antonio 1961" /> With foreign trade peaking at {{Philippine peso|400&nbsp;million|link=yes}}, the upward trend in business resembled a boom. Export crops were generally good and, except for tobacco, were in high demand. The value of Philippine exports reached {{₱|320,896,000}}, the highest since 1929.<ref name="Molina, Antonio 1961" />
[[File:President Manuel L. Quezon at Work.jpg|thumb|President Quezon at work in The Executive Building (now [[Kalayaan Hall]])]]
[[File:President Manuel Quezon of Philippine Commonwealth broadcast from Washington today to his fellow-countrymen in Manila.jpg|alt=Quezon, writing at a desk behind a U.S. radio microphone|thumb|Quezon before a 1937 [[NBC]] broadcast]]

Government revenue in 1936 was {{Philippine peso|76,675,000|1936}}, compared to the 1935 revenue of {{Philippine peso|65,000,000|1935}}. Government companies, except for the [[Manila Railroad Company]], earned profits. Gold production increased about 37 percent, iron nearly doubled, and cement production increased by about 14 percent.<ref name="Molina, Antonio 1961" />

The government had to address some economic problems, however,<ref name="Molina, Antonio 1961" /> and the National Economic Council was created. It advised the government about economic and financial questions, including the promotion of industries, diversification of crops and enterprises, [[tariffs]], taxation, and formulating an economic program in preparation for eventual independence.<ref name="Molina, Antonio 1961" /> The National Development Company was reorganized by law, and the National Rice and Corn Company (NARIC) was created with a {{₱|4&nbsp;million}} budget.<ref name="Molina, Antonio 1961" />

Upon the recommendation of the National Economic Council, agricultural colonies were established in [[Koronadal]], Malig, and other locations in [[Mindanao]]. The government encouraged migration and settlement in the colonies.<ref name="Molina, Antonio 1961" /> The Agricultural and Industrial Bank was established to aid small farmers with convenient loans and affordable terms.<ref name="TheCorpusJuris-CA459">{{Cite web |date=9 June 1939 |title=C.A. No. 459: An Act Creating the Agricultural and Industrial Bank |url=https://thecorpusjuris.com/legislative/commonwealth-acts/ca-no-459.php |archive-url=https://web.archive.org/web/20180818035303/http://www.thecorpusjuris.com/legislative/commonwealth-acts/ca-no-459.php |archive-date=18 August 2018 |access-date=25 March 2019 |website=The Corpus Juris |language=en}}</ref> Attention was paid to soil surveying and the disposition of public land.<ref name="Molina, Antonio 1961" />