Marcos era had negative impact on economy: MBC chair

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MANILA – Makati Business Club (MBC) chairman Ramon del Rosario agrees with President Aquino that the Marcos regime had a negative impact on the Philippine economy.

Del Rosario, a former co-chair of the People Power Commission, said the biggest sin of former President Ferdinand Marcos was he parceled out the economy to cronies and killed the entrepreneurial spirit.

But Del Rosario noted that the economy was able to recover during the governments of Cory Aquino (1986-1992) and Fidel Ramos (1992-1998) and is now on the right path.

“In the economic field, for example, one must remember that from being number two in Asia, we went all the way down to being at the bottom of the economic ladder throughout Asia. By the end of the dictatorship [in Feb. 1986], we were a bankrupt nation, institutions like the Development Bank of the Philippines (DBP), Philippine National Bank (PNB), and even the central bank were really bankrupt,” Del Rosario told ANC.

“We should never forget all of these things were done during the Marcos dictatorship. It’s something we should never forget or never re-write history about,” he added.

Meanwhile, Wilson Sy, who was a stock broker at that time, said the historic events should serve as lessons to voters when they head to the polls on May 9.

“The stock market at that time was practically dead…If they remember what happened in the past, and what happened to the stock market, they’ll know what to do and probably vote or elect people that will continue with reforms and continue with what is right for the country,” said Sy.

NOTE: Story from ABS-CBN News, Photo from Google Image

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