At the time the US Federal Reserve was battling a spell of high inflation, and in response they chose to raise their key interest rate. Global interest rates soon followed suit, and heavily indebted countries like ours paid a much steeper price for our international obligations.For one thing, the Marcos regime continued a long-standing policy of import substituting industrialization, which meant we relied on imported goods to boost domestic industries.
All these contributed to a perfect economic storm. By 1983 the debt crisis came to a head and Marcos’s economic managers had to declare a debt moratorium — essentially telling the world the Philippines could no longer repay its debts. Naturally, this put us in a very bad light among our creditors. Throughout this painful adjustment period, investments and production tanked, especially in manufacturing.
But unlike the Marcosian recession, imprudent borrowing isn’t the proximate cause of our present woes. But the situation is much different now. Economists worldwide have become increasingly tolerant of debt, if it means allowing millions of people to weather the economic effects of the global pandemic. With the Philippines enjoying a lot of fiscal space — as constantly trumpeted by Duterte’s economic managers before — more borrowing need not be catastrophic.
The Duterte government is also recklessly opening up our economy despite thousands of new cases reported daily. And many of its
Huwag kasing mumurahin ang Maykapal, para bawas bad luck...eh pati Maykapal hindi pinalagpas eh...sira ulo pala
wag mo na icompare at ipilit. kaya pa ba? hahhaha. kakatawa ang fakerappler. pilit na pilit amp
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