FACT-CHECK: Video falsely claims PH so rich during Marcos regime no one slept on streets

Dec 6, 2023 | Fact Checked by PressOnePH

In 1983, the country’s central bank recorded $18 billion in foreign debt. It was also under the Marcos regime when the economy went through the worst post-war recession. 

CLAIM: The Philippines was so rich during the Marcos regime that no one slept on the streets.
RATING: FALSE

 

In a TikTok video, a man talks about the country’s economy during the Marcos Sr. regime, repeating the “golden age” claim that had already been debunked by fact-checking sites. 

Yet in 1977, the Philippines’ total debt stood at $8.2 billion. Five years later, this debt rose to $24.4 billion. It was in 1982 when the Philippines became the first Asian country to face serious difficulty in repaying its debts. 

And while gross domestic product (GDP) growth peaked after the declaration of Martial Law, it was also during the Marcos Sr. regime when the country experienced the worst post-war recession. 

The Washington Post’s report in 1984 revealed that the country tried to borrow money from rich individuals and neighboring southeastern Asian countries because commercial banks had been hesitant to help the administration pay off its debts. 

The video has gathered 80,000 views and 4,000 likes on TikTok. Ada May Sacil

 

PressOne.PH is part of #FactsFirstPH which brings together various sectors that are committed to promoting truth in the public space, and exacting accountability on those who harm it with lies. For those interested to join the initiative, email info@factsfirst.ph

PressOne.PH believes that fact-checking is essential to combating misinformation and disinformation, and in informing and educating citizens and voters. Read more of PressOne.PH’s Fact-Checking Policy by clicking here.

The public is welcome to send feedback or requests for fact-checks at factcheck@pressone.ph.

 

 

PressOne.PH is a verified signatory of the Code of Principles of the International Fact -Checking Network at Poynter. The code of principles of the IFCN is a series of commitments organizations abide by to promote excellence in fact-checking.
If you believe PressOne.PH is violating the Code of Principles of the International Fact-Checking Network, you may submit a complaint directly to the IFCN website: https://ifcncodeofprinciples.poynter.org/complaints-policy

 

Ada May Sacil is a Journalism student from the Polytechnic University of the Philippines and an intern for PressOnePH. This piece was created under the supervision of PressOnePH’s editors.