Marcos and The Debt He Left Behind

(Photo Credit: jcc34.wordpress)
(Photo Credit:  jcc34.wordpress)
(Photo Credit: jcc34.wordpress)

A lot of Marcos supporters often state how wealthy or great the country was under Marcos without acknowledging a well-documented proof that Marcos was the reason behind the country’s debt and financial issues that the country is still paying for to this day.

Marcos supporters are very quick to blame the EDSA revolution and the Aquino government for plunging the country to poverty, but the video below clearly states how Cory inherited a massive foreign debt.

Skip to 20:29 in the video below where Aquino talked about a $26 billion foreign debt that she inherited after the Marcos regime.

Republic of the Philippines Philippine external debt is the amount of money owed by the Filipinos to foreign creditors such as Asian Development Bank (ADB) and the World Bank. This includes the principal amount borrowed from banks and institutions and the interest that had accumulated over the years. By the end of 2010, the total outstanding foreign debt of the country is US$ 60 billion, which accounts for 31.8% of the Gross Domestic Product (GDP) of that same year. The external debt portfolio consists mostly of medium to long-term loans, used to finance the economic activities and reforms of the government.

Most of this debt can be traced back to the Marcos government, which had borrowed a big lump sum of money from the United States. 

(http://en.wikipedia.org/wiki/Philippine_external_debt)

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