On the 43rd anniversary of Martial Law, the Ateneo Economics Association presents an economic analysis of the Marcos regime.

Economic Situation of the Philippines during Martial Law: Unparalleled economic growth countered by grave mismanagement of funds

While the Philippines enjoyed unparalleled economic growth in the earlier years of the Marcos administration, it is no secret that the notorious regime was one that allowed various forms of corruption to thrive. Thus, mismanagement and corruption of funds were real issues that had grave consequences for the economy, one of which was the incurrence of massive debts.

The debts incurred during the Marcos Regime left the country crippled, as about 20% of government revenue is used to pay back the debts from the 1980s. The opportunity to have these and 10 other debts suspended was vetoed in 2008 by then-President Gloria Macapagal Arroyo. Perhaps the bitter point that Filipinos must live with each day was that the “growth” that this model describes never managed to trickle down to the population because of the abusive practices during the Martial Law era, leaving Filipinos today paying for empty debt.

Research work by Bernice Halili and Van Siy Van
Poster by Justine Jovellanos