World Background Part 2

During the Marcos Term Philippines has now accumulated a huge amount of debt due to the greediness of International Bank the Philippines now have a debt of $26.2 billion in 1986 after his term from the previous debt of $360 million in 1965, making the Philippines one of the most indebted countries in Asia. As a former colony of the United States the Philippines was heavily reliant on the American economy to purchase agricultural goods and US corporations prospered.

Nevertheless, it's not all about the debt of the country, thanks to the effort of the President Marcos building a lot of things. Philippines economy has quadrupled from $8 billion in 1972 to $32.45 billion in 1980 while a debt of $17.2 billion during this time Philippines has enjoyed its best economic development. The economy grew amidst two severe global oil shocks following the 1973 oil crisis and 1979 energy crisis. Oil price was $3 per barrel in 1973 and in 1979 it grew to $39.5 per barrel a growth of 1200%. At this time debt- GNP ration was still manageable.

Due to reliance of the Philippine economy to the United States it suffered a great decline after the assassination of Aquino in august 1983 that leads to drawback in economy most Filipino abroad has discouraged the foreign investor from investing in the country. This take place the same time that China was beginning to accept a free-market capitalism and American businesses were jockeying to establish manufacturing plants in china. Due to political troubles in the Philippines, it hinders the entry of foreign investments, and foreign banks stopped granting loans to the Philippine government.

In an attempt to launch a natural economic recovery program and despite his growing isolation from American businesses, Marcos negotiated with foreign creditors including the International Bank for reconstruction and Development, World Bank and the International Monetary Fund (IMF). To give Philippines more time to pay its loans however they declined.

The economy has continued to shrink despite the government efforts due to a number of reasons.

1. Corruption among his Cronies that siphoned the funds.

2. American investors were discourage by the Filipino elite who were against marcos

3. Civil unrest in the country

4. Marcos lack of credibility

Due to this unemployment rate in the country has spiked from 6.25% in 1972 to 11% in 1985. Philippines economy recession was so severe even if you include its golden days in 1972 to 1979 to adjust it for the recession in 1984-1985 it's economy only grew by 3.4% significantly lower than what its neighboring nation have.

Before Marcos step down as the president of the country a Snap election happened in February 7, 1986 and Marcos won the election but the other side claims that Marcos has cheated the vote but and it was her that won the presidency Aquino but it was reported that cheating happen on both parties and it was Marcos. Who has been cheated by the NAMFREL a accredited poll watcher because solid north votes were transmitted very late to the tabulation center at PICC. But high officials in military has now decided to opposed Marcos rules and tried to assassinate him and his family but they fail.

At this time the citizens of the country has now gathered under the Corazon Aquino banner to support her as the president of the country as a support after her husband died on a assassination hailed as plotted by the Marcosses. With the support of nation People Power has risen it gathers millions and millions of people supporting Aquino for the hope of a better future. But they do not know that International banking are now celebrating for the possible gains they could get in the country after the rule of the marcos.

Marcos was forced to step down as the country's president and give his position to Corazon Aquino a housewife the first woman president of the country. This decision has now lead the country more vulnerable to instability of the nation. This woman is a housewife while the other man was hailed as one of the brightest mind he graduated top of his class in a law school.

During the reign of President Corazon Aquino she was forced to make the hardest decision she could make that lies the future of the country. The loans were to big and the country doesn't have enough money to pay it's loans. She could only make 2 decision honor the debt or don't pay it at all for a cause of no economic aid from foreign entities. She chose the 2nd pay the debt sell all of the country's property to those oligarch. This worsen the situation and leads to a more rampant corruption than before. People has now become more free to do what they want that leads to the lost of discipline and moral among his people.

Philippine economy has now crippled most of the public property has now been sold off. Meanwhile in China, Economy was flourishing building was rising from everywhere factory's are being made all over the country was on its way to the path of glory.

In 2019 Philippines was considered as a developing country thanks to the effort of its people Philippine managed to recover some of its glory but the damaged has been done most of the previous successor of the presidency all have cases of corruption filed among them.

The poison has now spread to it's root but there still hope the seed of the future are now becoming aware about the importance of an honest government I for one aspire to become one of the country's president in the future well that was my plan before the war start.

I mean the nuclear war world war 3 has already started after china become a behemoth US are now limited to their country imposing its rule against china won't work so they fought an economic war was launch on both side affecting most of the country in the world in 2020 relationship between the two has worsen and in 2026 war has started and this this is my story on how greediness took over humanity.