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Another Singapore? AN OUTSIDERS VIEW Ken Fuller 03/15/2011

Tuesday, March 15, 2011

Another Singapore?

AN OUTSIDERS VIEW
Ken Fuller
03/15/2011
Sen. Bongbong Marcos’ claim that the Philippines, had his father remained in office, would have become another Singapore has attracted criticism. Some, unfortunately, has not been particularly well-informed.

One commentary (I forget now whether it was an editorial or a column) claimed that before Ferdinand Marcos was elected to the presidency the exchange rate was P2 to the dollar and the foreign debt problem was practically non-existent. Not true. That was the rate before Diosdado Macapagal took over the presidency in January 1962, and his administration immediately devalued the peso to P3.90 to the dollar. At the same time, foreign currency controls were lifted. Why? Because the International Monetary Fund had attached these conditions to its approval of a $300 million loan — the first for the Philippines.

These actions by the Macapagal government, under IMF dictation, had far-reaching consequences..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/commentary/20110315com5.html

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