While many people believed that the peso and the dollar were on equal footing, this was not the case-before the Marcos regime, President Diosdado Macapagal had the exchange rate set at 1 USD: 3.70 PHP, and food and non-food prices had tripled by the last decade of Martial Law. Furthermore, the Philippines was unable to match the manufacturing success of neighboring countries, constraining economic growth. Official government data on the country's GDP and GDP per capita show that the economy was already in decline by the end of the Marcos regime.
Source:
SCHEMA SLU
References:
Dohner, R. S., & Intal, P. (n.d.). Introduction to "Developing Country Debt and Economic Performance, Volume 3: Country Studies - Indonesia, Korea, Philippine. National Bureau of Economic Research. Retrieved August 4, 2022, from https://www.nber.org/system/files/chapters/c9047/c9047.pdf
Martial Law in Data. (n.d.). Martial Law Museum. Retrieved August 4, 2022, from https://martiallawmuseum.ph/ magaral/martial-law-in-data/
0 Comments