Economic history of the Philippines (1965–1986)
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The 21-year period of Philippine economic history during Ferdinand Marcos’ regime – from his election in 1965 until he was ousted by the People Power Revolution in 1986 – was a period of significant economic lows.[1][2][3][4]
The early part of Ferdinand Marcos' administration continued the rising growth rate which characterized the previous administrations of the Third Philippine Republic, peaking at nearly 9 percent in 1973 and 1976. However, Marcos' later years in power saw the worst recession in Philippine history, with the economy contracting by 7.3% in 1984 and again in 1985.[1][5][6]
The dramatic rise and fall of the Philippine economy during this period is attributed to the Marcos administration's heavy dependence on foreign loans (debt-driven as opposed to productivity-driven growth),[7] its policy of establishing monopolies under Marcos cronies which resulted in significant income inequality,[8] corruption by government officials, and the capital flight which has historically been attributed to the Marcos family's economic plunder.[3][9][10][11]