Claim: Ferdinand Marcos Sr. solved poverty in the Philippines during his term.
Rating: FALSE
The Facts: In Ferdinand “Bongbong” Marcos Jr.’s inaugural speech, he implicitly told how his father, Ferdinand Marcos Sr. solved poverty and “got it done”.
“I once knew a man who saw what little had been achieved since independence, in a land of people with the greatest potential for achievement, and yet they were poor, but he got it done. Sometimes with the need of support, sometimes without. So will it be with his son—”
Contrary to the president’s opinion, the Philippines actually got poorer due to Marcos Sr.’s regime. A lot of factors can indicate a country’s wealth yet almost all of them point to poverty during the Marcos regime.
Inflation: From a 2.7% rate during the start of his term on 1965, the inflation rate rose to 23.2% in 1985, a year before the end of his term. During his term, the prices of commodities tripled.
Poverty incidence: At the start of his term, the poverty percentage in the Philippines was 42% in the 1960s. It rose to 52% five years into his term in 1971. By 1985, the poverty percentage was at 59%. 6 out of 10 Filipinos were poor.
Worker’s wage: A skilled worker’s wage in 1962 was P127/day while an unskilled worker gains P89/day. By 1986, A skilled worker only gains P35 while an unskilled one gains P23. Farmers also became poorer from P42 to P30 by the end of the administration. Aside from lower wages, unemployment was also a big issue during this time.
Country’s Debt: Aside from being poor, the Philippines also amassed a huge sum of debt due to corruption, red tape, inefficiency, and cronyism. By the end of the Marcos regime, the foreign debt was at $26.7 billion. This debt is being paid by the taxpayers until 2025. This excludes recent debt like those left by the Duterte administration.
Why we fact-checked this: While people may have different opinions on what happened during the Marcos regime, the evidence and facts all say the same thing. The Philippines became poorer after his administration, and we are still paying for the destruction that it has caused until today.
Similar fact-check by ABKD: https://www.facebook.com/2021ABKD/posts/184123434098684
Photo by Dino Bartomucci
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