Sunday, March 4, 2018

Who has done more for the Filipinos?

Who has done more for the Filipinos?


The Philippine economy has experienced repeated boom-and-bust cycles in the 5 decades since the nation achieved independence from the United States in 1946. In the 1950s and early 1960s its economy ranked as the second most progressive in Asia, next to that of Japan. After 1965, when Ferdinand E. Marcos became president, the nation experienced economic problems and social unrest, especially from the 1970s, when corruption and cronyism (the practice of appointing friends to well-paid posts regardless of their qualifications) took hold. In 1972, Marcos declared a state of emergency and placed the country under martial law to stifle unrest and control economic development. By his third term in

1981, democratic institutions in the country had severely eroded, foreign debt ballooned, and the country's economy plummeted. In less than 20 years, the Philippines had gone from relative prosperity to becoming the "sick man of Asia." In 1983, the leader of the political opposition, former senator Benigno Aquino, was assassinated upon his returned from exile in the United States.
Marcos was removed from office in 1986 through a peaceful "People Power" revolution in which millions of people demonstrated in the streets. Aquino's widow, Corazon, became president, and a new constitution was approved in 1987. Meanwhile, the GDP growth rate increased steadily from 3.5 percent in 1986 to 4.3 percent in 1987, peaking in 1988 at 6.7 percent. The Aquino administration endured many troubles, including 6 coup d'etat attempts, many natural disasters (e.g. earthquakes, the Mt. Pinatubo eruption), and a power shortage problem that caused economic activities to stop. During this period, the Aquino administration passed various critical laws such as a liberal Foreign Investment Act, the Comprehensive Agrarian Reform Law, and the privatization of government corporations that brought the economy back to its feet. 

This excerpt was taken in a post where it appears that the Marcos government has caused the foreign debt and economic unrest. Is this true? what is your opinion?