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    10 - Segismundo - Rate Currency

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    Maria Isabella
    Ferdinand Marcos was the president of the Philippines from 1965 to 1986. During his rule, he declared martial law in 1972 and established an autocratic regime. His 20-year rule was marked by worsening poverty, declining economic growth rates compared to other Asian countries like Singapore, and a dramatic rise in the national debt. By the time he was deposed in 1986, Marcos and his wife Imelda were estimated to have stolen $30 billion from the Philippines.

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    10 - Segismundo - Rate Currency

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    Maria Isabella
    34 views18 pages
    Ferdinand Marcos was the president of the Philippines from 1965 to 1986. During his rule, he declared martial law in 1972 and established an autocratic regime. His 20-year rule was marked by worsening poverty, declining economic growth rates compared to other Asian countries like Singapore, and a dramatic rise in the national debt. By the time he was deposed in 1986, Marcos and his wife Imelda were estimated to have stolen $30 billion from the Philippines.

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    Ferdinand Marcos was the president of the Philippines from 1965 to 1986. During his rule, he declared martial law in 1972 and established an autocratic regime. His 20-year rule was marked by worsening poverty, declining economic growth rates compared to other Asian countries like Singapore, and a dramatic rise in the national debt. By the time he was deposed in 1986, Marcos and his wife Imelda were estimated to have stolen $30 billion from the Philippines.

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    34 views18 pages

    10 - Segismundo - Rate Currency

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    Maria Isabella
    Ferdinand Marcos was the president of the Philippines from 1965 to 1986. During his rule, he declared martial law in 1972 and established an autocratic regime. His 20-year rule was marked by worsening poverty, declining economic growth rates compared to other Asian countries like Singapore, and a dramatic rise in the national debt. By the time he was deposed in 1986, Marcos and his wife Imelda were estimated to have stolen $30 billion from the Philippines.

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    Dollar to Peso Exchange

    Rate from the Time of Former


    President Ferdinand Marcos
    Who was Ferdinand
    Marcos?
    Ferdinand Marcos, born on
    September 11, 1917, in Ilocos
    Norte province, was a member of
    the Philippine House of
    Representatives (1949-1959) and
    Senate (1959-1965) before
    winning the presidential election.
    Who was Ferdinand
    Marcos?
    He declared martial law in 1972
    after winning a second term,
    establishing an autocratic regime
    based on widespread favoritism
    with wife Imelda that eventually
    led to economic stagnation and
    recurring reports of human rights
    violations.
    Who was Ferdinand
    Marcos?
    Marcos remained president until
    1986, when his people revolted
    against his dictatorial rule and
    forced him to flee the country. He
    died in exile in Honolulu, Hawaii, on
    September 28, 1989.
    The Dismal
    Record of the
    Marcos Regime
    What was the true record of President Ferdinand
    Marcos’ 20-year rule, including 14 years of martial
    law and dictatorship?
    To begin with, during the Marcos years, poverty significantly
    worsened. "According to a World Bank study, the proportion of people
    living in poverty in Philippine cities increased from 24% in 1974 to 40%
    in 1986 [the year Marcos was deposed]." The countryside was no
    better," wrote Stanley Karnow, a well-known journalist and historian,
    in his Pulitzer Prize-winning book In Our Image, America's Empire in the
    Philippines.
    In 1965, when Marcos was first elected president, one US dollar
    was worth 3.90 Philippine pesos on average. By 1982, the peso had
    risen to P8.54 per dollar. The government and the International
    Monetary Fund worked out an economic recovery plan in 1984,
    paving the way for a $650 million standby credit. The peso was
    devalued against the US dollar as a result of this.

    According to BSP data, the peso was valued at P16.70 per dollar
    in 1984, before falling to P18.60 the following year.
    The pace of economic growth has slowed. According to Penn
    World Tables, while real GDP per capita growth averaged 3.5 percent
    from 1951 to 1965, annual average growth was only 1.4 percent
    during the Marcos regime (1966 to 1986). So, according to the Library
    of Congress, how could the Philippines have surpassed Singapore,
    which experienced "unprecedented economic growth" of 12.7 percent
    of real GDP on average from 1965 to 1973? Following that, Singapore
    experienced growth rates of 8-10 percent on a regular basis.
    Wages for workers have plummeted. Between 1982 and 1986,
    the real wages of unskilled laborers in Metro Manila fell by 5.8%
    annually, while skilled laborers saw a 5.2 percent decline. According
    to James K. Boyce, associate professor of economics at the University
    of Massachusetts, in his book The Political Economy of Growth and
    Impoverishment in the Marcos Era, agricultural wages declined at the
    same rate.
    The wealthy, on the other hand, became even wealthier.
    According to Charles C. McDougald's book The Marcos File, the top
    12.9 percent of Filipinos received 22.1 percent of total income in
    1980, while the bottom 11 percent received only 16.6 percent. The
    top 12.9 percent of earners received 45.5 percent of total income in
    1983, while the bottom 11 percent received only 6.4 percent. The
    poor became even poorer.
    The national debt has risen dramatically. When Marcos became
    president in 1966, the official peso-dollar exchange rate was P3.90 to
    the dollar. In 1986, it was P20.53 to the dollar. According to Boyce,
    the Philippines' foreign debt increased from $360 million in 1962 to
    $28.3 billion in 1986. As a result, Marcos contributed more than half
    of the country's current $53 billion external debt. It is now costing our
    government over 40% of its budget in debt service, forcing the Aquino
    II administration to reduce budgetary allocations for essential
    services such as education, health, and infrastructure.
    The insurgency grew in strength. “. . . The longer Marcos' excesses
    went on, the faster the Communist insurgency spread, according to
    US foreign policy experts. . . As a result, his wastefulness, corruption,
    and repression posed a threat to America's strategic interests,"
    Karnow explained. Not only did the Communist insurgency grow
    stronger, but a Muslim insurgency also erupted, forcing the Marcos
    government to sign the humiliating Tripoli Agreement, which granted
    concessions to the Moro National Liberation Front after a protracted
    war.
    Hunger was spreading. "In the 1950s, Filipinos were probably the
    best fed in Asia; now [during the Marcos era], Indians, Indonesians,
    and possibly Bangladeshis were eating better than they were."
    Malnutrition was responsible for 40 percent of all deaths in the
    country. In the Philippines, infant mortality was nearly twice as high
    as in South Korea" (Raymond Bonner, Waltzing With A Dictator: The
    Marcoses and the Making of American Policy, 1978.)
    Marcos allegedly stole $30 billion from the economy, foreign aid,
    private investors, and government revenues, according to some
    estimates. Under the pseudonyms of President Marcos and Imelda
    Marcos, $450 million was discovered stashed in a Swiss bank.
    Millions more were discovered in US properties, which were
    monetized by private lawyers and US courts, and are now being
    distributed to martial law victims. The ramifications of the Marcos
    legacy of corruption are still being felt.
    By all economic, political, social, and moral standards, the Marcos
    administration's 20-year reign from 1966 to 1986 was a complete
    disaster for the country. It demonstrated unequivocally that
    dictatorship is not the path to progress, a lesson that the Arab
    nations are currently learning. It created a vast fortune for the Marcos
    family, which now funds a flourishing political dynasty that could run
    for president again in six years.
    THE END
    THAT’S ALL
    AND
    THANK YOU!
    REFERENCES:
    Almario, M. F., Detainee, M. L., Spokesman, & Movement for Truth in History. (2011, February 27).
    The dismal record of the marcos regime. Philstar.com. https://www.philstar.com/other-
    sections/letters-to-the-editor/2011/02/27/660957/dismal-record-marcos-regime
    Biography.com Editors. (2014, April 2). Ferdinand marcos. Biography.
    https://www.biography.com/dictator/ferdinand-marcos
    -, J. L. R., By, -, Rousselhttps://tbhabitat.com, J. L., & Roussel, J. L. (2021, September 30). Vera
    files fact check: Article on 'revised history books' against Marcoses makes false claims. TB
    Habitat. Retrieved December 17, 2021, https://verafiles.org/articles/vera-files-fact-check-
    post-revised-history-books-against-mar

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