t was disappointing that Bongbong Marcos opted not to participate in Jessica Soho’s presidential interview last month. Although I am aware that he has much to avoid, I never thought of him as a man who would easily back down from public discourse. His refusal to participate confirmed two of my assumptions about him. First, that he is unable to defend his family’s wealth, human rights record, and his personal achievements in a serious interview.
Myth No. 1. That the 1970s, under martial law, was the golden era of the country. It was the era when the country was prosperous and when poverty did not exist. By the time Marcos was ousted, the Philippines was among the poorest countries in Asia where per capita income was below that of Japan, Singapore, Brunei, Macau, Hong Kong, Taiwan, South Korea, Malaysia, the Maldives, Thailand, and even Mongolia.
The martial law era was not the golden years of the Philippines, rather, it was the time of our great fall from one of the richest countries in Asia to one of the poorest.Here are the facts. With borrowed funds, Marcos established the Construction and Development Corporation of the Philippines . While it is true that roads, bridges, and classrooms were built by the CDCP, large chunks of funds fell into personal pockets.
Speaking of debt — from a foreign debt of only $600 million when Marcos took office in 1965, foreign obligations increased 43X to an eye watering $26 billion by 1986. In October 1983, the Marcos government ran out of dollar reserves and had no option but to declare a debt moratorium. To keep the economy afloat, Marcos resorted to short term loans at high interest rates. By 1986, Our debts were so massive that debt service alone accounted for half of the country’s exports.
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