How can a nation “move on” from a tragic past if ordinary citizens still suffer from its consequences?
The Philippines had less than $1 billion in foreign debt when Marcos Sr. became president in 1966. When the Marcoses fled Malacañang in 1986 during the People Power Revolution, the country had a foreign debt of $28 billion. If the loan timeline is followed, the foreign loans made by Marcos Sr.’s administration will only be repaid by Filipino taxpayers up until 2025, 59 years after his election and 39 years after his ouster.
The Marcos debts are illegitimate and costly loans that only benefited Marcos and his cronies’ private interests. The controversial Bataan Nuclear Plant, with $1.8 billion in interest payments since 1986 and $110.8 million more to pay, was cited as the biggest and most prominent of these.