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September 5, 2016

A discussion paper on THE ECONOMIC LEGACY OF MARCOS by Gerardo Sicat.


The balance sheet for Marcos is that he left a legacy that was significantly positive. Yet in the writing of history, it has been made to look very negative. Perhaps, it can be argued that that positive legacy was reduced by his mistakes and shortcomings. However, there was still a sizable economic legacy left.

Certainly, some of the blame must fall on those who implemented the post‐Marcos transition. Those who succeeded him failed to capitalize fully and effectively on what he had left behind. The larger blame for that failure to seize on his economic accomplishments was that of his immediate successors. Although she was genuinely sincere and well‐intentioned, Corazon Aquino by careless choice, lack of experience, or sheer lack of understanding failed to turn opportunity into missed chances. Through a policy of denial of Marcos’s accomplishments, vindictiveness and the magnification of his faults, the successor government made wrong decisions that have led to the crippling of the nation’s leap in the economic realm.

If Marcos had left via an orderly transition of power, most of his accomplishments would have helped move the country forward without the country having lost any momentum. In fact, his accomplishments could have become a foundation for that new momentum.

In the final accounting, the economic legacy from Marcos is very positive but it was lessened during the transition in leadership. The discontinuity of the transition led to many problems that were blamed conveniently on the shortcomings of the Marcos presidency, whereas in fact some of problems to certain decisions taken during the transition. To analyze many of these will be the task of future economists, social scientists and historians

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