DURING MARCOS' ADMINISTRATION, THE PHILIPPINES BECAME THE RICHEST COUNTRY IN ASIA

During Marcos' reign, the Philippines never became the "richest country in Asia." Data on each Asian country's gross domestic product (GDP) and GDP per capita, two indicators of a country's prosperity, demonstrated that the Philippines was never the wealthiest in Southeast Asia. The Philippines' economy declined in the latter half of Ferdinand Marcos' presidency. In 1977, the country's GDP and GDP per capita began to fall. The country's GDP growth rate went from 8.9% in 1973 to -7.3%. According to economists, its economic decline has cost it two decades of development. The Philippines was dubbed the "Sick Man of Asia" at the time.

Source:SCHEMA SLU

References:

VERA FILES FACT CHECK: PH NOT richest country in Asia during Marcos era. (2021, May 27). VERA Files. Retrieved August 4, 2022, from https://verafiles.org/articles/vera-files-fact-check-ph-not-richest-country-asia-during-ma