Marcos Era Economic Challenges

Import Substitution Industrialization (ISI)

Strategy promoting capital-intensive production over labor-intensive.

Rural Infrastructure Programs

Initiatives to develop infrastructure in rural areas for increased productivity.

Import Substitution Industrialization (ISI)

Strategy promoting capital-intensive production over labor-intensive.

Rural Infrastructure Programs

Initiatives to develop infrastructure in rural areas for increased productivity.

High-Yielding Rice Varieties

Rice strains designed for increased production per unit area.

Technocratic Executive Agencies

Agencies led by experts in specific fields to drive policy implementation.

Investment Incentives Act (1967)

Legislation encouraging foreign capital investment in domestic industrial development.

Green Revolution

Movement to increase agricultural production through modern techniques.

Deficit

Shortfall in funds or resources compared to what is needed.

Vote-Buying

Illegal practice of offering money for votes.

Currency Devaluation

Reduction in the value of a country's currency relative to others.

Social Unrest

Disorder and conflict within society due to dissatisfaction.

Partido Komunista ng Pilipinas (PKP)

Communist Party in the Philippines.

Kabataang Makabayan (KM)

Youth organization involved in social and political issues.

Jose Maria Sison

Key figure in the radicalization of the Communist Party of the Philippines.

New People's Army (NPA)

Militant group formed by Sison and Buscayno in 1969.

First Quarter Storm

Period marked by intense street battles and protests in 1970.

Marcos's Dictatorship

Marcos's authoritarian rule lasting until 1986, marked by societal dominance.

Technocrats

Filipinos educated in economics and finance, aiding in governance.

Martial Law Imposition

Marcos declared martial law, shutting down institutions and arresting opponents.

Opposition Growth

Increasing resistance against Marcos, aiming to prevent his re-election.

American Support

Initially silent, later bipartisan backing for Marcos's martial law.

Popular Acquiescence

Some urbanites welcomed martial law as a relief from political turmoil.

Cultural Impact

Activist movements halted by martial law's imposition.

Heyday of Martial Law

Period where Marcos eliminated opposition, arresting various groups.

Declaration of Martial Law

Citing anarchy, Marcos declared martial law to maintain order.

Fundamental Restructuring

Expansion of executive power, budget changes, and governance restructuring.

Technocratic Evolution

Technocrats empowered to enhance governance and economic planning.

Economic Growth

Marcos era saw peak economic growth, especially in agriculture and manufacturing.

Land Reform

Initiatives like 'Operation Land Transfer' aimed at freeing peasants from bondage.

Construction Projects

Used to showcase regime achievements, funded by public debt.

Economic Deterioration

Marcos regime looted state funds, causing economic decline

Oil Price Hikes

Increased import costs due to oil price escalation

Coconut Industry Levies

Imposed by Marcos to fund coconut production

Crony Capitalism

Favoring cronies over reforms, leading to economic collapse

United Coconut Planters' Bank

Used coercive tactics to acquire coconut mills

Corporate Equity Investment

Government bailing out failing companies

Real Wages Decline

Manila saw plummeting real wages under Marcos

Unemployment Rate

Reached over 24% by 1982 in the Philippines

Crony Companies Collapse

Favored by Marcos, leading to bailouts and collapse

Wealth Concentration

Elite segment amassed wealth under 'crony capitalism'

Sugar Industry Collapse

Massive unemployment due to industry decline

Marcos Corruption

Kickbacks demanded on business transactions

Socioeconomic Effects

Impact on living standards, employment, and migration

Short-Term Borrowing

Increased to service debts, straining the economy

United Coconut Oil Mills

Manipulated prices, exploiting coconut farmers

Import Costs

Worsened by oil price hikes, affecting balance of payments

Government Bailouts

Aided failing companies through financial support

Wealth Redistribution

Upwards under Marcos, causing discontent

Philippines Oil Revenues

Used for modernizing economies during Marcos era

Coconut Levies Profit

Eduardo Cojuangco profited from coconut levies

UCPB Tactics

Used coercive methods to acquire coconut mills

UNICOM Price Manipulation

Exploited farmers by manipulating coconut prices

Business Kickbacks

Marcos and wife demanded kickbacks on transactions

Crony Corporations Benefit

Received government support without performance improvement

Living Standards Decline

Resulted from plummeting real wages in Manila

Foreign Employment

Filipinos sought jobs abroad due to economic hardships

Crony Capitalism Concentration

Wealth and power concentrated in elite under Marcos