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NES Notes

The document discusses several myths about the Marcos era in the Philippines and analyzes the country's economic performance under Marcos and Duterte. It summarizes that: 1) Contrary to popular belief, the Marcos years did not mark the Philippines' "golden age" economically, as GDP plummeted in the late 1970s and 1980s during martial law. 2) While some industries grew, overall agriculture and manufacturing stagnated or declined, exports did not flourish, and the country took on unsustainable debt levels. 3) Infrastructure projects were largely centered in Manila and did not benefit many provinces, as government spending followed a boom and bust pattern driven by debt.

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Jamela Oriel
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46 views

NES Notes

The document discusses several myths about the Marcos era in the Philippines and analyzes the country's economic performance under Marcos and Duterte. It summarizes that: 1) Contrary to popular belief, the Marcos years did not mark the Philippines' "golden age" economically, as GDP plummeted in the late 1970s and 1980s during martial law. 2) While some industries grew, overall agriculture and manufacturing stagnated or declined, exports did not flourish, and the country took on unsustainable debt levels. 3) Infrastructure projects were largely centered in Manila and did not benefit many provinces, as government spending followed a boom and bust pattern driven by debt.

Uploaded by

Jamela Oriel
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Mr.

JC Punongbayan

Myth 1: The Marcos years marked the PH economy’s “golden age”

GDP vs GNI of the PH

GDP - increases 1970-early 1980s

- then plummeted until 2 decades later – LOST DECADES OF PH DEVELOPMEN

Worst economic performance, since World War II

Contracted up to 7% for 2 consecutive years – econ crisis during martial law is the worst

PH as the laggard of Asia

Myanmar, Cambodia, (poorest country) is on a much faster rate than us.

Myth 2: Industry flourished

Liberty condense milk, reno, Fran ketchup, Café Puro, Radiowealth, Lawanait, Mafran, Camay

Import-substituting industrialization: Import raw material from abroad, assemble here to promote local
industry

Objective: To achieve higher productivity through time (“infant industries”).

Regulated commodities went down, stagnation of manufacturing occured; exports did not flourish

Agriculture went down by 7.8%

More debts/lost our savings of dollars and other currencies very fast to pay our massive imports

Myth 3: “Golden age of infrastructure”

Structures still exists (PCHC, PHC, PICC, Phil Film Center, San Juanico Bridge, Folk Arts Theater, The
Coconut Place, NLES, SLEX)

- Mostly in Manila, not enough in provinces. Not that accessible to everyone.

Government spending: boom then bust.

Debt-driven growth

Gov act as a vehicle for private gain, whether pecuniary or political

Borrowing is not necessarily bad – as long as the funded projects have high returns and pay for
themselves.
“What are the favorite projects of politicians?”

Marcos government spent beyond its means.

External debt stocks are at a historical low

Many projects are inefficient; incremental capital-output ratio – inefficient spending of the government.

Unprecedented scale of corruption

- Monopolies, forcible takeover, raiding of public treasury, corruption of foreign aid, front-loaded
corruption, privileges and tax exemptions, massive concessions, dummy corporations abroad for
foreign bank accounts.

Myth 4: Marcos plundered to “protect” the economy

Above-board loan

Central bank was bankrupt by 300 billion pesos

Greatest robbery of a government – Guinness World Records

Imelda Marcos: “We own everything.”

Myth 5: Marcos looked after the Filipino people

Prices skyrocketed during the martial law years

Poverty incidences occur

NutriBun is a USAID project

Massive deforestation

Growth alone is not always good – jobless, ruthless, voiceless, rootless, futureless

CONCLUSION:

Need to teach history with economics, economics with history.

Economic Policies under the Current Administration

Mrs. Solita Garduno “Winnie” Collas Monsod

Philippine Economic Outlook 2021-2022


Duterte’s administration collapse during 2020 was greater during Marcos’ era

Worst economic performance in the Southeast Asia, particularly in ASEAN-5.

Worst performance in handling the pandemic

WORTH GROWST PERFORMANCE AMONG PEERS IN THE REGION (During 1 st quarter of 2021)

1. Fiscal Stimulus “limited or inefficiently implemented”.


2. Hubris, ignorance, ineptitude

Ph has fared badly in pandemic control. Ranked 66 th out of 91 according to the number of new cases per
day.

There is a relationship between economic performance and pandemic control – direct and positive
relationship.

Efficient and prepared government institutions matter.

Economic Voting Theory

Prof. Carmel “Melay” V. Abao

“When you think elections, think economics.”

Econ condition effect electoral outcomes.

“The citizen votes for the gov if the economy is doing all right; otherwise, the vote is against.

Economic Voting

1. Sociotropic economic voting exercises more influence than egotropic economic voting.
2. The impact of the economic vote varies with the clarity of gov responsibility for the economy.
3. The aggregate findings on economics and elections mirror the individual-level processes of the
economic vote.
4. Unemployment and growth are the two most important macroeconomic indicators of electoral
outcomes.

Critique of Methodological Individualism

Critique of the Assumption of Rationality Itself


Candidates as manok, and election as panliligaw

Poor voters as “thinking voters”

The poor’s notions of leadership

- Idealized
- Parent/provider
- Hierarchical, not equal
- Edu attainment not of utmost importance
- Marangal
- Corrupt leader as bad leader
- Bayan muna bago sarili

Poor’s notions of elections

- Voting is an obligation
- For youth: election results have long-term implications for the future.
- Some view elections as reliable, some are rampant fraud
- Vote-buying not right but most will accept money if they can outwit the giver.
- Election is confusing because of many names and positions.

Poor voters – pinakarami na voters

- Poor as subversive voters

“When you think elections, thing government accountability.”

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