MANILA - Martial law under former President Ferdinand Marcos continues to stir spirited debates, 45 years since it was declared, as his heirs reassert national influence and human rights victims seek justice.
The so-called good years were but a “flash in the pan" until the economy collapsed in the early 1980s However, it was also under Marcos when the country hit the worst recession in history: a 7.3-percent contraction for 2 successive years in 1984 and 1985, as his grip on power waned. From $4.1 billion in 1975, Philippine external debt doubled to $8.2 billion over two years and later ballooned to $24.4 billion in 1982.
“Imagine, of your total exports, half of it or more would be going towards paying the debt only. You cannot use it for your imports,” De Dios said. These companies instead turned to Indonesia, Malaysia, and Thailand, jumpstarting what would become vibrant manufacturing sectors in those countries. Examining economic output alone, however, does not give a complete picture of how life was like for Filipinos during the Marcos years. One also has to look at the impact of Marcos’s economic policies on the prices of goods, wages, and quality of jobs.The petro-dollars, which were previously abundant, dwindled in the early ‘80s and caused financing institutions to tighten international credit, making it difficult for the Philippines to obtain long-term loans.
By 1982, the peso was at P8.54 to the dollar. IMF’s conditions further pushed the peso down to P16.70 in1984. The following year, as Marcos’s rule was drawing to a close, the peso fell further down to P18.61 to the dollar.With the depletion of the country’s international reserves, limited funds were available to import raw materials for several industries, resulting in cuts in production and subsequently in manpower, and later in shutdown of companies.
migueldumaual Bagsak ang ekonomiya, thanks to the stupid Cory Aquino and cohorts. 34 years na walang naidulot na maganda ang demokrasya. neveragaintoevilaquinos neverforgetthetraitorninoy
Hindi pa kayo maglubay!! Alam nio at alam namin na hindi nio na malilinlang ang mamamayang pilipino tungkol sa Martial Law…
Nakakalabas at nakikipaglaro p kami ng akong mga kapatid ko kahit may martial law noon at hindi lang pwede lumabas kapag gabi n kung wala k naman ggwin,sa manila lang ang magulo noon.
c cory ang nagpabagsak ng ekonomiya dhil wlang kaalam alam sa batas..move nman na kyo🤣🤣💪😅😂😂
So alin golden years, mga sumunod na admin? 😂😂😂
Mga kaibigan At kamag anak ang yumaman! Mga maka lapit sa pamilya Marcos! Parang nangyayari sa ngayon .
Saka tanda ko pa nung bata pa ko hindi kami nauubusan ng klim at mga bigas. Kahit mahirap ang buhay pero maraming makakain noon.
OhMG laban lang Anding, move on move aping aping e, kayo banaman mawalan nang prankisa malamang kukundinahin nyo, over all kayo yong nag papalubog sa bansang ito. Kelan kaya kayo mag kakaroon nang peace. Nabubuhay na lang kayo sa galit at puot laban Anding.
Kung senyo b nmn manggagaling e! natural!!! ni di nyo nga binabalita nuon n inalis ang ML ng 1981 khit ang gma7
Wow nman.. e di lumago pla ngayung ang bansang pilipinas.. number 1 or 2 nb ngayun sa SEA ang pilipinas? Malamang madaming Yumaman at nagpakaYAMAN na tao.. pero hindi ang sambayanan at BANSA..
TVPatrol Lumaki ako sa Pamumuno ni Marcos at kung maaaring magsalita tungkol sa aking maalala maraming Projects marami din naapektohan. Mabuti siguro kasi gusto niya na umunlad at gumanda ang bansa, pero ang mga naapektohan hindi niya siguro alam ang hirap na naranasan nila-may nakaranas.
Golden years of corruption and cronyism. Kay Buang naman ang Platinum years of corruption pati na din sa crimes against humanity.
'You did experience high growth in the early years, but you also experienced the worst recession in the latter years,” ani UP School of Economics Professor Emmanuel de Dios.
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