“We were borrowing money like it was going out of style. And the projects those moneys were going to had no immediate, redemptive return value. They were not productive, that’s the problem. Our foreign debt was about 95% of our GDP. Right now it is less than 50%.
From the time [former president] Cory Aquino came in in 1986, it took another 14-15 years before the Philippines was able to regain the real per capita income levels that it had lost since the international debt crisis.
But the good news, at least, [is that] poverty went down since 1986. Although it went down between 1997 and 2000 and it went up again between 2003 and 2006. It’s gone down just a tiny bit in 2009. So as far as poverty reduction is concerned we are slightly better off than we were when Marcos left the country.”
The news comes in context with the war of words between President Aquino, who says the Philippines could have been another Libya if 1986 didn’t happen, and Senator Marcos, who said the Philippines could be another Singapore under his late father.