In 1983, the country’s central bank recorded $18 billion in foreign debt. It was also under the Marcos regime when the economy went through the worst post-war recession.
CLAIM: The Philippines was so rich during the Marcos regime that no one slept on the streets.
RATING: FALSE
In a TikTok video, a man talks about the country’s economy during the Marcos Sr. regime, repeating the “golden age” claim that had already been debunked by fact-checking sites.
Yet in 1977, the Philippines’ total debt stood at $8.2 billion. Five years later, this debt rose to $24.4 billion. It was in 1982 when the Philippines became the first Asian country to face serious difficulty in repaying its debts.
And while gross domestic product (GDP) growth peaked after the declaration of Martial Law, it was also during the Marcos Sr. regime when the country experienced the worst post-war recession.
The Washington Post’s report in 1984 revealed that the country tried to borrow money from rich individuals and neighboring southeastern Asian countries because commercial banks had been hesitant to help the administration pay off its debts.
The video has gathered 80,000 views and 4,000 likes on TikTok. Ada May Sacil
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Ada May Sacil is a Journalism student from the Polytechnic University of the Philippines and an intern for PressOnePH. This piece was created under the supervision of PressOnePH’s editors.
FACT-CHECK: Video falsely claims PH so rich during Marcos regime no one slept on streets
In a TikTok video, a man talks about the country’s economy during the Marcos Sr. regime, repeating the “golden age” claim that had already been debunked by fact-checking sites.
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