How did the corruption during Ferdinand Marcos Sr.’s dictatorship affect the long-term development of the Philippine economy?
Answer (1)
Corruption wastes resources, creates unfair advantages, and slows economic growth during Ferdinand Marcos Sr. administration. Cronyism - Marcos gave a favor and contracts to friends, leading to poor management and wasted public funds.Heavy Debt - The government borrowed excessively, reaching $24.4 billion in debt by the 1980s, limiting funds for development.Wealth Theft - Marcos and his family stole billions, causing capital flight and loss of national resources.Economic Decline - Growth slowed, poverty and the unemployment rate increased, and the economy lagged behind neighbors.
