Ferdinand Marcos

Ferdinand Edralin Marcos (September 11, 1917–September 28, 1989) was the tenth President of the Philippines, serving from 1965 to 1986. As president, he instituted an authoritarian regime that allowed him to stay in power. He was removed from office by the peaceful EDSA Revolution in 1986.

Economic changes under the Marcos Administration

To hasten economic development, President Marcos implemented a number of economic programs. These programs helped the country to enjoy the period of economic growth from the mid-1970s until the early 1980s. The farmers were given technical and financial aid and other incentives such as "price support". With the incentives given to the farmers, the country's agricultural sector grew. As a result, the Philippines became self-sufficient in rice in 1976 and even became a rice exporter.

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To help finance a number of economic development projects, such as infrastructure, the government engaged in borrowing money. Foreign capital was invited to invest in certain industrial projects. They were offered incentives including tax exemption privileges and the privilege of bringing out their profits in foreign currencies. One of the most important economic programs in the 1980s was the Kilusang Kabuhayan at Kaunlaran (Movement for Livelihood and Progress). This program was started in September 1981. Its aim was to promote the economic development of the barangays by encouraging the barangay residents to engage in their own livelihood projects. The government's efforts resulted in the increase of the nation's economic growth rate to an average of six percent to seven percent from 1970 to 1980. The rate was only less than 5 percent in the previous decade.

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The Gross National Product rose from P55 billion in 1972 to P193 billion in 1980. Tourism rose, contributing to the economy's growth. The number of tourists visiting the Philippine rose to one million by 1980 from less than 200,000 in previous years. The country earned 26 billion pesos. A big portion of the tourist group was composed of Filipino balikbayans (returnees) under the Ministry of Tourism's Balikbayan Program which was launched in 1973.

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Another major source of economic growth of the country was the remittances of overseas Filipino workers. Thousands of Filipino workers found employment in the Middle East, Singapore and Hong Kong. These overseas Filipino workers not only helped ease the country's unemployment problem but also earned much-needed foreign exchange for the Philippines. A big portion of the annual earning of the country was allocated to the payment of annual interest on loans.

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The Philippine economy suffered a great decline after the Aquino assassination in August 1983. The wave of anti-Marcos demonstrations in the country that followed scared off tourists. The political troubles also hindered the entry of foreign investments, and foreign banks stopped granting loans to the Philippine government.

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In an attempt to launch a national economic recovery program, Marcos negotiated with foreign creditors including the International Bank for Reconstruction and Development, World Bank, and the International Monetary Fund (IMF), for a restructuring of the country's foreign debts – to give the Philippines more time to pay the loans. Marcos ordered a cut in government expenditures and used a portion of the savings to finance the Sariling Sikap (Self-Reliance), a livelihood program he established in 1984.

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However, the economy experienced negative economic growth beginning in 1984 and continued to decline despite the government's recovery efforts. The recovery program's failure was caused by rampant graft and corruption within the government and by Marcos' lack of credibility. Marcos himself diverted large sums of government money to the Kilusang Bagong Lipunans campaign funds.

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September 11: September 11 is the 254th day of the year in the Gregorian calendar (255th in leap years). There are 111 days remaining....

1917: 1917 was a common year starting on Monday of the Gregorian calendar (see link for calendar) or a common year starting on Tuesday of the Julian calendar....

September 28: September 28 is the 271st day of the year in the Gregorian calendar (272nd in leap years). There are 94 days remaining....

Ferdinand Marcos related Images and Photos (experimental)

Ferdinand II	Ferdinand II	Ferdinand VII	Ferdinand Max
Franz Ferdinand	Ferdinand II of Aragon	Ferdinand IV of Naples	Ferdinand IV of Naples
Basilica Di San Marco's Bell Tower in Piazza San Marco at Sunset	Ferdinand de Lesseps 1840	Ferdinand Magellan from the "Sala Del Mappamondo"	Franz Ferdinand: You Could Have It So Much Better