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1969 Philippine Balance Of Payments Crisis
The 1969 Philippine balance of payments crisis was a currency crisis experienced by the Philippine economy as a result of heavy government spending linked to Ferdinand Marcos 1969 presidential campaign, Ferdinand Marcos' campaign for his second presidential term in 1969. It was notable for being the first major economic crisis of the Marcos Administration, and for triggering the social unrest which was the rationalization for the proclamation of martial law in 1972. Background Ferdinand Marcos had been inaugurated as 10th President of the Republic of the Philippines on December 30, 1965. In 1969, he was eligible to run for a second term. However, no post-independence president of the republic had ever been elected to a second term. Although deficit spending during his first term already created an impression of success, making Marcos was a very popular president at the end of his first term, his desire to be the first to win a second term led to the launch of US$50 million wo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philippine Economy
The economy of the Philippines is the world's 32nd largest economy by nominal GDP according to the International Monetary Fund 2021 and the 12th largest economy in Asia, and the 3rd largest economy in the ASEAN after Indonesia and Thailand. The Philippines is one of the fastest-growing emerging markets, and the 3rd highest economy in Southeast Asia by nominal GDP, following Thailand and Indonesia. The Philippines is considered a newly industrialized country, which has an economy in transition from one based on agriculture to one based more on services and manufacturing. As of 2021, its GDP by purchasing power parity was estimated at $1.47 trillion, the 18th largest in the world. The country's primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Its major trading partners include Japan, China, the United States, Singapore, South Korea, the Netherlands, Hong Kong, Germany ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ferdinand Marcos 1969 Presidential Campaign
The 1969 reelection campaign of Ferdinand Marcos, the 10th president of the Philippines, started in July 1969 when incumbent President Ferdinand Marcos was unanimously nominated as the Presidential candidate of the Nacionalista Party, and concluded when the 1969 Philippine presidential election concluded with Marcos winning an unprecedented second full term as President of the Philippines. With Fernando Lopez as his vice president, he ran against the Liberal Party slate of Sergio Osmena Jr. and Genaro Magsaysay. Background Ferdinand Marcos won his first campaign for the Philippine Presidency in November 1965, and was inaugurated just before New Year's Day in December the same year. Under the 1935 Constitution of the Philippines which was in force at the time, Marcos was supposed to be allowed a maximum of two four year terms as president. Formal Nomination The formal beginning of the 1969 campaign can be dated to the July 1969 meeting of the Philippines' Nacionalista Party, in whi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Crisis
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarce resources'. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. Howe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Martial Law
Martial law is the imposition of direct military control of normal civil functions or suspension of civil law by a government, especially in response to an emergency where civil forces are overwhelmed, or in an occupied territory. Use Martial law can be used by governments to enforce their rule over the public, as seen in multiple countries listed below. Such incidents may occur after a coup d'état ( Thailand in 2006 and 2014, and Egypt in 2013); when threatened by popular protest (China, Tiananmen Square protests of 1989); to suppress political opposition ( martial law in Poland in 1981); or to stabilize insurrections or perceived insurrections. Martial law may be declared in cases of major natural disasters; however, most countries use a different legal construct, such as a state of emergency. Martial law has also been imposed during conflicts, and in cases of occupations, where the absence of any other civil government provides for an unstable population. Examples of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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