How did Marcos regime affect Filipinos in the '70s economically? TikTok content creator counted ways

What are the macro-economic effects of the Marcos regime on the lives of ordinary Filipinos? Last September 21, a TikTok content creator with username

9/23/2021 10:45:00 AM

“And today, I want to revisit the macro-economic effects of the Marcos era [on] the lives of the Filipino people. No politics, just empirical economic data,” mightymagulang said.

What are the macro-economic effects of the Marcos regime on the lives of ordinary Filipinos? Last September 21, a TikTok content creator with username

Wages dropped during the Marcos eraMagno-Veluz compared wages of workers in 1962, pre-Martial Law, and in 1986, post-Martial Law.“So a farmer who earned P100 in 1962 earned P70 in 1986. An unskilled worker who earned P100 in 1962 earned P26 in 1986. A skilled worker who earned P100 in 1962 earned P28 in 1986,” she cited.

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In areport by Philstartitled “Debt, deprivation and spoils of dictatorship,” economists from the University of the Philippines also stated that income distribution among the poor worsened during Martial Law.“Income distribution also worsened during Martial Law, with the poorest segment of society seeing a decline in their share of the total income between 1971 and 1979. The richest 10 percent, on the other hand, enjoyed a much larger piece of the pie,” the report said.

Filipinos became poorerMagno-Veluz also compared the poverty level and underemployment rates before and during Marcos’ military rule.“In 1965, 41% of the Filipinos lived on the poverty level. In 1985, the poverty level was at 58%. So 6 in every 10 Filipino families were poor. In 1973, underemployment and unemployment was at 10%. In 1982, this was at 33%. The number tripled,” she said. headtopics.com

She also noted that these dire figures were also compounded with the high costs of basic commodities.In the same Philstar report, it was also stated that poverty incidence when Marcos rose to power was at 42%.By the end of his rule, 59% of Filipinos were poorer.

The underemployment and unemployment numbers at that time were also staggering.“From 1978 to 1983, the number of workers without jobs increased from 800,000 to 1.2 million. But the figure for underemployment was more shameful, going from 1.6 million to 5.6 million,” the report

said.Philippine loans skyrocketedMagno-Veluz explained that the Philippine debt during Marcos’ time ballooned to the point that the country had to declare a debt moratorium in 1983.She likened this to the consequences after a credit card holder maxed out his or her credits.

“You have several credit cards and you maxed them all out. You cannot meet your obligations because the minimum payment required is three times your income. That was the Philippines in 1983,” the TikTok user said.Magno-Veluz also countered the myth of large infrastructures built during the late dictator’s rule. headtopics.com

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“The infrastructure spending was the justification for the foreign loans. The Marcos era was built on debt-driven accomplishments,” she said.In the Philstar report, Ronald Mendoza, dean of the Ateneo School of Government, concisely explained the impact of Marcos’ debt-driven accomplishments.

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mightymagulang Please do something similar for pre- Duterte, pre-pandemic Duterte, and present. It can bring on an avalance of hate on your thread(but the fact that paid trolls are not on twitter can mitigate that) but it can sway the new, the toing, and the disenchanted voters. 🙏🙏🙏

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