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Philippines and the WorldBank
The race to the bottom
1968 ......
Marcos won his 2nd term in office but atthe cost of the nation’s foreignexchange, the country is on the verge of economic collapse. Marcos approachesthe World Bank for help.
World Bank demands
60 % Devaluation of the pesoLiberalization of the Philippine MarketExport Processing Zones (EPZ)Weaker Labor Laws (lower wages)
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