Marcos ensured US-directed IMF/WB intervention in PH policy making

November 25, 2016

by IBON Foundation




“The rule of Nacionalista Party’s Ferdinand E. Marcos which began in 1965 was strong on nationalist and patriotic rhetoric. Yet Pres. Marcos was by no means a nationalist if ‘nation’ is understood as the majority of Filipinos and ‘nationalism’ as upholding their interests and asserting Filipino sovereignty over foreign powers.

“Most anti-nationalist president. The “nationalist” Marcos was the most anti-nationalist president the country had ever seen. Martial Law was declared not just for personal political survival but to use the coercive powers of the state to open up and restructure the Philippine economy according to the needs of foreign monopoly capital, especially the US whose post-colonial treaties were coming to an end. No less was needed to confront certain resistance from the resurgent nationalist and armed revolutionary movements – resulting in monumental human rights violations.

“Leftist activists gave justified attention to US-directed International Monetary Fund (IMF) and World Bank (WB) intervention in Philippine economic policymaking and their collusion with the Marcos regime. Eighteen of the 24 IMF programs the country has ever had were during the Marcos regime, six of which were during his first term before declaring Martial Law in 1972. It also accounted for nearly a hundred World Bank projects, with loans worth some US$5.2 billion, out of 250 such projects to date.

“The economy in the final years of the Marcos regime was in neoliberal-induced ruin. Unemployment and poverty were at historic highs.” – From Anyare? Economic Decline Since Marcos