3. In the 1970s
Marcos took out huge amounts of foreign currency loans
that by the 1980s his regime could not repay.
October 1983
Marcos declared bankruptcy in October 1983 and sought a
90-day moratorium on principal debt payments.
4. Marcos bankrupted the Central Bank
it had to be dissolved and replaced by the
Bangko Sentral ng Pilipinas.
In 1985
Marcos' last full years.the country's
foreign debt climbed to a staggering
$26.25 billion.
5. Cronyism
became more rampant as Marcos prioritized the bailout
of companies owned by his friends and close business
associates.
May 1986
report by the UP School of Economics said: “The foreign
debt incurred by the old regime is one of the biggest
obstacles to Philippine economic recovery.
7. Philippines: The Marcos debt
issued Presidential Decree 1177 At the height
of martial law in 1977.
Another compelling argument against the “hero’s burial” for
Ferdinand Marcos was his corruption-ridden
mismanagement of the country’s debt.
the Philippine debt in 1983
Ibon Databank reported that comprised 91 percent of GNP
and 509 percent of export earnings. In addition, the loans
became costlier as creditors imposed higher and floating
interest rates.
8. in 1985
the most notorious case was the $2-billion Bataan Nuclear
Power Plant
In April 1986
the Commission on Audit accused Marcos
of diverting US aid funds
9. Mamoru Tsuda and Gus Yokoyama wrote in 1986
the US House subcommittee on Asia-Pacific affairs revealed
that “Japanese corporations had paid rebates to Marcos and
his cronies
in August 1983
The crisis worsened with the
assassination of Ninoy Aquino
10.
11. REFERENCES
Eduardo C. Tadem, November 5, 2018, The Marcos Dept.
https://opinion.inquirer.net/99481/the-marcos-debt
Satur C. Ocampo, February 19, 2022, Corruption, economic crisis under
Marcos rule
https://www.philstar.com/opinion/2022/02/19/2161786/corruption-
economic-crisis-under-marcos-rule
