Was Martial Law under Ferdinand Marcos really a “golden age” for the Philippine economy—or a myth built on debt and corruption?
Mayen Vital and JC Punongbayan revisit the economic realities of the Marcos years in this Usapang Econ episode from 2019. Using historical data and analysis, they debunk three common myths: that Martial Law marked the “golden age” of the Philippine economy, that the infrastructure projects built during this period were wholly beneficial, and that Marcos was a benevolent dictator who acted in the people’s best interest.
The conversation reveals how debt-driven growth, widespread corruption, and declining living standards defined this period, leading to a lost decade of development that Filipinos are still paying for today.
As the 53rd anniversary of Martial Law is remembered, this episode asks us to confront history with facts, not myths—so we never forget, and never again.
This episode is engineered by Anthony Tobias. Jaemark Tordecilla is our editor-at-large.
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ORIGINAL EPISODE: https://open.spotify.com/episode/1iJn9RjWjUxbaKpAkU9uJz?si=HIIyzUPyTIObTsVTz5qu4w