The Economy under the Marcos Era

September 20, 2018

On the 21st of September 1972, former President Ferdinand Marcos signed Proclamation 1081, placing the archipelago under martial law and himself as dictator. This marked the beginning of the darkest period in our history, both politically and economically.

Despite this, debates still surround the late dictator’s legacy up to today as defenders of Marcos argue that the fabled golden era of the economy justified Marcos’ authoritarian rule. The Marcos dictatorship witnessed over 70,000 people imprisoned, 34,000 tortured and 3,240 killed. These numbers alone should end the debate on Marcos’ legacy as the greatest measure of economic growth will always be human experience.

But with the economy also in the gutter, we echo the words of the 1984 UP School of Economics White Paper in saying that “we do not perceive that there should be a trade-off between human rights and economic development.”

With this special ECONcepts Infographic, let us take a look back at the true state of the economy during the Marcos regime.