Biyaheng Paurong: Philippine Economy Evolving

Backwards
Cagas, Xander Clyde, Varias. XII-Faithfulness. Accountancy, Business & Management

I. Synthesis

The Philippine economy in 1965 was characterized by increasing industrial production in

industries such as textiles, clothes, and
so on. It lasted several years, but the
Marcos dictatorship and the imposition
of martial law produced a massive
downturn in the Philippine economy.

Loyalists would constantly refer to his

reign as the "Golden Years," yet this legendary metaphor is far from accurate. There were years
when the economy increased, but from 1965 to 1985, the economy only grew at an average rate
of 3.85 percent in terms of the country's GDP. Unfortunately, the economy collapsed during the
later years of the Marcos era due to widespread corruption in the government and unpaid local
and foreign debts. In 1984, it saw negative growth of 7.04 percent, and in 1985, it experienced
negative growth of -6.86 percent. The country was dubbed "The Sick Man of Asia" at the time.

When he was ousted, the country faced severe

economic difficulties. Corazon Aquino, the new
president, then moved to restore the economy.
Consistently high growth occurred just 25 years
later, during the presidency of Noynoy Aquino, and
has persisted throughout the Duterte administration
(at least for the pre-pandemic period). The
Philippine economy was called the "Tiger Years of
the Philippine Economy" under PNoy's presidency.

It persisted during President Duterte's first three years in office, but the disruptions caused by the
COVID-19 outbreak have thrown the Philippine economy into the greatest recession in nearly
two decades.

The government currently has an outstanding debt of 13 trillion and we will continue to pay for
the debt that the Marcos family left us until 2025.

II. Analysis

Marcos dict