January 31, 1986

''If the will of the Filipino people is expressed in an election that Filipinos accept as credible - and if whoever is elected undertakes fundamental economic, political and military reforms - we should consider, in consultation with the Congress, a significantly larger program of economic and military assistance for the Philippines for the next five years.'' - President Reagan. [ A1:2. ]

The White House is giving ''serious consideration'' to establishing an independent group to examine the future of the space program, senior White House officials said today. The officials said the group would focus on the future of the program rather than the cause of the explosion that destroyed the shuttle Challenger, which is already being investigated by the National Aeronautics and Space Administration. But the officials said the group would also look into how NASA conducts its own review of the explosion of the shuttle Tuesday morning. Determination Expected Soon They said the proposal for the independent panel had not yet been presented to President Reagan, but that a determination would be made in the next few days. Senior White House officials, including Donald T. Regan, the chief of staff, and Vice Adm. John M. Poindexter, the national security adviser, have discussed establishing such a panel.

Squatting in the shade of a baobab tree, the market woman wanted 5,000 kwanzas -officially $165 - for her prize possession: a bottle of Russian vodka. After a little dickering, she agreed to trade the bottle for a six-pack of Dutch beer and a carton of British cigarettes. Officially, the dollar is worth 30 Angolan kwanzas. On the black market, the dollar is worth 1,200 kwanzas. The clandestine trading at Kafunfo market here is regularly broken up by soldiers firing submachine guns in the air. But when the forces of supply and demand are allowed to function, they paint a ruinous picture of Angola's economy 10 years after independence - one that shows a nation suffering from severe shortages of basic food staples and consumer goods and with a currency that is virtually worthless.

Sometime soon, close to a hundred employees of Chemical Bank, from lending officers to branch managers to investment experts, will meet at the crack of dawn at the bank's Long Island offices here. Then they will fan out to sign up as many high-technology companies as possible as Chemical customers. ''I want all the business,'' said Frank Lourenso, a Chemical senior vice president who will lead the blitz. ''I want it badly.'' Chemical Bank is not the only bank panting for this business. A host of other banks, some well known and some not, are eager for it, too. Citibank and the Manufacturers Hanover Trust Company are trying to mine the territory, as are the Long Island Trust Company, an established local lender to midsized companies, and the Norstar Bank of Long Island, a unit of Albany-based Norstar Bancorp and another big middle-market lender. The State Street Bank of Boston flies two officers in weekly to solicit the high-tech businesses that dot Long Island. And foreign-owned banks, including Barclays and National Westminster, are also making contacts.

The Economy The trade deficit grew to a record $148.5 billion last year, and the gap in December doubled from the 1984 month. The worsening came despite a weakening dollar and declining oil prices, and many economists said they do not expect a significant improvement before midyear. At that, they said, the dollar would have to fall much further for the deficit to improve substantially. [ Page D1. ] Most economists noted that when a nation's currency declines, the trade balance generally gets worse before improving. [ D17. ] Leading economic indicators rose a hefty 0.9 percent in December, the index's eighth straight monthly gain, the Commerce Department said. The increase was less than most analysts had expected but showed that the economy would probably keep growing at a satisfactory pace. Analysts were pleased the gain was broad-based and that two earlier months were revised upward. [ D1. ] International