Results for

Economic Mismanagement

Sabangan (1983)

Cinema Real

2022

Sabangan (1983)

Cinema Real

This short documentary is an exposé of the displacement of the Remontados, an indigenous group in the Sierra Madre mountain range, amidst their impending displacement from their ancestral land as a result of the aggressive development projects of the Marcos government, specifically the dam construction in their area.

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Cinema Real, “Sabangan (Dam),” Cinemata video, 26:36, May 1, 2022.

No Time for Crying (1986)

AsiaVisions

2022

No Time for Crying (1986)

AsiaVisions

This short documentary looks at the impoverished and violent condition of the displaced urban poor in Butuan at the tail end of the Marcos regime. The film shows that as urban poor leaders and trade unionists are slain, “salvaged”, imprisoned, and disappeared, local communities continued to organize and resist notwithstanding the risk of arrest.

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Asia Visions Productions, “No Time for Crying,” Cinemata video 29:45, May 5, 2022.

Third Eye: To Sing Our Own Song (1983)

BBC TV

2018

Third Eye: To Sing Our Own Song (1983)

BBC TV

This BBC documentary produced in 1983, narrated by Filipino lawyer and known Marcos opposition figure, Jose Diokno, is a comprehensive and real time account of the Marcos years. The documentary exposes the farcical economic development, corruption and the human rights violation committed by the Marcos regime. The documentary also shows the persistent resistance of the people despite the repressive state.

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BBC, “Third Eye: To Sing Own Song,” Youtube video, 14:17, October 17, 2018

Building spree for IMF-WB meeting in Manila (1976)

AP Archive

Article Date Posted

Building spree for IMF-WB meeting in Manila (1976)

AP Archive

This clip shows the frantic pace in which the Marcos administration built edifices in preparation for the 28th Annual Meeting of the Board of Governors of the International Monetary Fund (IMF) and the Board of Governors of the International Bank for Reconstruction and Development (IBRD, now the World Bank Group) held in Manila from 4-8 October 1976.

Most of these structures are located within and surrounding the Cultural Center of the Philippines (CCP) Complex, a 77-hectare area reclaimed from the Manila Bay. The genesis of other key structures in the CCP Complex is also tied to international events, including the Folk Arts Theater (1974 Miss Universe pageant), Coconut Palace (1981 Papal Visit), and the Manila Film Center (1982 Manila International Film Festival).

The first shot in this clip shows the Metropolitan Museum of Manila along Roxas Boulevard. It was designed by Gabriel Formoso and built within the span of only one month in order to open on October 4 alongside the IMF-WB meetings. Another shot shows workers putting finishing touches on the Philippine International Convention Center, designed by Leandro Locsin. It cost around USD 65 million to build, and was inaugurated on September 5 with the IMF-WB meetings as its first main event.

The next shots focus on luxury hotels being built in order to accommodate the estimated 5,000 delegates and guests. A total of 14 new hotels were officially sponsored by the government, collectively costing around USD 500 million. The first is the 700-room Philippine Plaza (now Sofitel Philippine Plaza Manila), then owned by the CCP Foundation chaired by Imelda Marcos. It was inaugurated on September 26 and built at the cost of USD 50 million–the largest of the lot and at the time, the most expensive hotel to be built in the world. Also seen is the 370-room Holiday Inn Manila (now Hotel JEN), designed by Carlos Arguelles and opened that same year.

The New York Times reports:

“At the Plaza, nearly 9,000 workers have been pressed into 24‐hour threeshift operations. And because it is the First Lady’s pet project, workers, particularly skilled carpenters, have been pirated from other construction sites, details rushed and precautions overlooked until three months ago, as workers hustled ironworks of upper floors onto concrete barely dry beneath it, the entire ceiling in the grand ballroom caved in and 12 workers were killed.

“Several construction companies, most of whose leaders have some ties with the Marcos family and the manifold business interests of their friends and relatives, are harvesting a bonanza from the frantic construction pace. More than 30,000 workers have been kept busy on these projects for more than a year and a half.”

“Still other friends and relatives of the Marcos family are in on the ownership of a number of these hotels. None of this even raises any eyebrows here because this is how business is done in the Philippines. But what does concern some of the more thoughtful economists and businessmen is the huge volume of government capital committed to these projects.”

“Most of the hotels have received some or all of their financing from such Government lending institutions as the Development Bank of the Philippines, the Government Service Insurance System and the Social Security System which have lent funds or guaranteed loans in the hotel projects.”

“Secretary of Finance Cesar E. Virata admitted yesterday that the Development Bank had committed more than one billion pesos of its resources of eight billion pesos ($135 million of $1.1 billion) to the hotel projects alone, but other economists believe that its loan guarantees push this figure substantially higher.”

A year later, the Times reported that the hotels did not do well. “Their occupancy rate is little better than 40 percent. As a consequence, none of them has been able even to meet the interest payments on their loans… To avoid having the Government foreclose on them, President Ferdinand E. Marcos recently announced that he would reschedule the loans.”

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AP Archive, “SYND 1 10 76 Preparation for IMF Meeting In Manila,” YouTube video, 1:01, July 24, 2015

The Rise and Fall of Ferdinand Marcos

William H. Overholt

1986

The Rise and Fall of Ferdinand Marcos

William H. Overholt

In this article written soon after the People Power revolt, political economist William Overholt comprehensively analyzes the conditions that led to rise of Marcos, Martial Law and the eventual decline of his regime, focusing primarily on economic reforms and its effects on political stability.

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Overholt, William H. “The Rise and Fall of Ferdinand Marcos.” Asian Survey 26, no. 11 (1986): 1137–63. https://doi.org/10.2307/2644313.

Some Are Smarter than Others: The History of Marcos’ Crony Capitalism

Ricardo Manapat

2020

Some Are Smarter than Others: The History of Marcos’ Crony Capitalism

Ricardo Manapat

Ricardo Manapat narrates in full detail the “infrastructure of plunder” that institutionalized cronyism and kleptocracy in Ferdinand E. Marcos’ government. Manapat’s research exposes how the state weaponized its political advantage in order to intervene in economic affairs which benefitted a select few within the dictator’s circle, at the expense of many Filipinos who toiled in poverty.

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Manapat, Ricardo. Some Are Smarter than Others: The History of Marcos’ Crony Capitalism. Quezon City: Ateneo de Manila University Press, 2020.

The Marcos Years: The Age of Crisis and Repression

Ferdinand C. Llanes (ed.)

2023

The Marcos Years: The Age of Crisis and Repression

Ferdinand C. Llanes (ed.)

The Marcos Years: The Age of Crisis and Repression is a collection of essays organized in two parts: (1) an examination into the full weight of Martial Law on politics and society and (2) an analysis of the economic crisis which the dictatorship period produced. The first part probes into the nature of authoritarianism, the traits of the bureaucracy under Martial Law, and the experiences of those who resisted, particularly journalists and activists. The second part studies the different programs and policies of Ferdinand E. Marcos that brought the Philippine economy to its dire state in the 1980s.

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Llanes, Ferdinand C. (ed.). The Marcos Years: The Age of Crisis and Repression. N.p.: Sandigan para sa Mag-aaral at Sambayanan (SAMASA), 2023.

The Marcos Era: A Reader

Leia Castañeda Anastacio and Patricio N. Abinales (eds.)

2022

The Marcos Era: A Reader

Leia Castañeda Anastacio and Patricio N. Abinales (eds.)

The Marcos Era: A Reader is an appraisal of various aspects of Ferdinand E. Marcos’ regime–its key personalities, policies, and programs. Written by historians, political scientists, social scientists, economists, lawyers, journalists, and other members of the civil society, the Martial Law reader aims to contribute to ongoing academic conversation about the Marcos regime that lasted for more than two decades and shaped Philippine contemporary history.

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Anastacio, Leia Castañeda and Patricio N. Abinales (eds.). The Marcos Era: A Reader. Quezon City: Ateneo de Manila University Press, 2022.

Essential Truths About 1972-1986 Martial Law Era – The Economy During the Martial Law Era

Commission on Human Rights

2022

Essential Truths About 1972-1986 Martial Law Era – The Economy During the Martial Law Era

Commission on Human Rights

The second Essential Truths Booklet released by the Human Rights Violations Memorial Commission (HRVVMC) focuses on the Philippine Economy during the Martial Law Years. The discussion of whether or not the former Marcos Administration was a “Golden Era” of the Philippines is deconstructed against actual statistical evidence and review. Examination reveals that the imposition of Martial Law was in fact a “dark age of Philippine Economy”, featuring abuses of governance meant to enrich the Marcos Clique. Martial Law is noted to have left a negative impact on the nation’s overall development – particularly in poverty reduction and inflation.

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Human Rights Violations Victims’ Memorial Commission (2022). Essential Truths About 1972-1986 Martial Law Era – The Economy During the Martial Law Era (2nd ed). Quezon City: Human Rights Violations Victims’ Memorial Commission.

An Analysis of the Philippine Economic Crisis

Emmanuel De Dios (ed.)

1986

An Analysis of the Philippine Economic Crisis

Emmanuel De Dios (ed.)

Papers on the state of the Philippine economy under Marcos by some of the most important political economists in the country. Their report embodies the results of a series of workshops on the economic crisis under Martial Law, held between November 1983 and May 1984, in which interested faculty members of the University of the Philippines School of Economics participated. Topics ranged from fiscal policy to unemployment as well as recommendations for solving the crisis.

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De Dios, Emmanuel S. (ed.). An Analysis of the Philippine Economic Crisis. Quezon City: University of the Philippines Press, 1986.

The Philippines: The Political Economy of Growth and Impoverishment in the Marcos Era

James K. Boyce

1993

The Philippines: The Political Economy of Growth and Impoverishment in the Marcos Era

James K. Boyce

This book analyzes the Philippine economy from the 1960s to the 1980s. During this period, the benefits of economic growth conspicuously failed to “trickle down.” Despite rising per capita income, broad sectors of the Filipino population experienced deepening poverty. Boyce traces this outcome to the country’s economic and political structure and focuses on three elements of the government’s development strategy: the “green revolution” in rice agriculture, the primacy accorded to export agriculture and forestry, and massive external borrowing.

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Boyce, James K. The Philippines: The Political Economy of Growth and Impoverishment in the Marcos Era. Hawaii: University of Hawaii Press, 1993.

False Nostalgia: The Marcos Golden Age Myths and How to Debunk Them

JC Punongbayan

2023

False Nostalgia: The Marcos Golden Age Myths and How to Debunk Them

JC Punongbayan

False Nostalgia: The Marcos Golden Age Myths and How to Debunk Them focuses on disproving the “golden age” narrative that the Marcos family and their cohorts have propagated for many years. The book is timely because such myths have permeated into the consciousness of Filipinos who consume Marcosian propaganda. Using data and facts, it carefully debunks these myths and, in the process, recreates a narrative about the state of the economy during the Marcos years.

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Punongbayan, JC. False Nostalgia: The Marcos Golden Age Myths and How to Debunk Them. Quezon City: Ateneo de Manila University Press, 2023.