President Roxas, with bold steps, met the situation with the same confidence he exuded in his inaugural address, when he said: "The system of free but guided enterprise is our system". Among the main remedies proposed was the establishment of the Philippine Rehabilitation Finance Corporation. This entity would be responsible for the construction of twelve thousand houses and for the grant of easy-term loans in the amount of 177,000,000 pesos. Another proposal was the creation of the Central Bank of the Philippines to help stabilize the Philippine dollar reserves and coordinate and the nations banking activities gearing them to the economic progress.