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Monday, June 18, 2018

The Plan Of Ferdinand Marcos That Could Have Turned Philippines Into A Rich Country

Bataan Nuclear Power Plant

Ferdinand Marcos announced the ambitious 11 Major Industrial Projects in his 16th State of the Nation Address.

The 1980s started with a promising view of the decade and suddenly, things went downhill because of a debt crisis that affected the Philippines from 1983-1985. Let's revisit the botched attempt to turn the Philippines into an industrial powerhouse.

The 11 MIPs were the:1. Copper smelter, Phosphate fertilizer, Aluminum smelter, Diesel engine manufacturing, Cement industry expansion, Coconut industry rationalization, Integrated pulp and paper mill, Petrochemical complex, Heavy engineering industries, Integrated steel project: and Alcogas refinery. These proposed projects were supposed to be joint ventures with multinationals.

The Latin American debt crisis that started in 1983 also affected the Philippine economy and higher interest rates plunged the country into 3 years of underdevelopment. The crisis ended in 1985 and the Philippine economy started to recover.

But the year after, Marcos was ousted from Power. You can watch the video below about the achievements of Ferdinand E. Marcos.

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