Corruption, mismanagement marked Marcos regime amid dictator’s build-build-build

Corruption and economic mismanagement under the Marcos regime set back the Philippines' economic growth by several years, GMA resident analyst Richard Heydarian has said on the 46th anniversary the late dictator's Martial Law.

In an animated video posted on Friday, Heydarian said foreign debt under Marcos ballooned from $30 million in 1962 to P28.3 billion in 1986.

He said the principal and interest would only be fully paid in 2025.

Heydarian said the value of the peso went down from P3.90:$1 in 1966 to P20.53:$1 in 1986.

He also pointed out the 50-percent inflation rate in 1984 and the steep increase in underemployment between 1970 and 1980.

How come the economy failed even with the massive borrowings that funded infrastructure projects across the country?

Heydarian pointed out how Marcos gave huge companies to his friends and family and how many of these firms had to be bailed out by the government when they failed.

"Dahil sa kapalpakan ng mga cronies ni Marcos, nalugi po yung ating bansa ng three to seven billion dollars," Heydarian said.

This, and bankrupt government projects such as the mothballed Bataan Nuclear Power Plant also contributed to the country's economic woes under Marcos.

He said many projects were also overpriced because of the kickbacks collected by government officials then. —NB, GMA News