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Economic Changes Under the Marcos Administration

Economic Changes Under the Marcos Administration

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Published by: joeffrey191377 on Aug 29, 2010
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05/07/2014

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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 themid-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'sagricultural sector grew. As a result, the Philippines became self-sufficient in rice in 1976 andeven became a rice exporter.To help finance a number of economic development projects, such as infrastructure, thegovernment engaged in borrowing money. Foreign capital was invited to invest in certainindustrial 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 Livelihoodand Progress). This program was started in September 1981. Its aim was to promote theeconomic development of the barangays by encouraging the barangay residents to engage intheir own livelihood projects. The government's efforts resulted in the increase of the nation'seconomic growth rate to an average of six percent to seven percent from 1970 to 1980. The ratewas only less than 5 percent in the previous decade.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 onemillion 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 theMinistry of Tourism's Balikbayan Program which was launched in 1973.Another major source of economic growth of the country was the remittances of overseasFilipino 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'sunemployment 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 intereston loans.
Related Topics:
 Middle East-Singapore-Hong Kong  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 stoppedgranting loans to the Philippine government.In an attempt to launch a national economic recovery program, Marcos negotiated with foreigncreditors including the
International Bank for Reconstruction and Development
,
WorldBank 
, and the
International Monetary Fund
(IMF), for a restructuring of the country's foreigndebts ± to give the Philippines more time to pay the loans. Marcos ordered a cut in government

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