Anonymous
Anonymous asked in TravelAsia PacificPhilippines · 8 years ago

Is it true that the Philippines used to be a rich country?

i read a blog that said that the philippines was the richest asian country before and now it isnt. is it true that the phils used to be a rich country, richest among asia back in the days?

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  • Jex
    Lv 7
    8 years ago
    Favorite Answer

    Yes.

    After WWII, the Philippine economy was in bad shape. During the term of President Quirino, the economy began a phase of rapid growth. The economic growth slowed over time but by 1965, the Philippine economy was the second largest in Asia. In 1970, the government was having serious difficulty with payments on its US$2.3 billion debt. This was largely due to the enormous spending of government funds by President Marcos.

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  • Anonymous
    3 years ago

    1

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  • 8 years ago

    Philippines is a very rich country before even in Marcos regime year. 1 US dollar = 1 Philippine Peso. Same as US and Singapore today... 1 US dollar = 1 Singaporean dollar. Philippines is same as Japan in terms of economy but now we are line up with Indonesia, Thailand and Cambodia (3rd world countries). Philippines is a part of America " Associated state of the United States" and filipinos can go to the United States without obtaining a visa. That's before.

    Why Filipino people poor? here's the video and enjoy.

    http://www.youtube.com/watch?v=k4iLjHRD3RU

    Youtube thumbnail

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  • 4 years ago

    The Philippines now is riched from beautiful with the heart ❤️

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  • Anonymous
    8 years ago

    Indeed. That's why Japan used to use the Peso.

    And it still is rich.

    Our GNP is greater than Romania, Pakistan, Kuwait, Qatar, New Zealand, Peru, Ukraine, Iraq, Puerto Rico, Vietnam, Syria, Lebanon, Jordan,Cyprus, Macau, Iceland, Laos, Malta, and many more.

    The Philippines GNP is ranked at about 50. Placing it lower than 50 other nations, yet still higher than about 150 other nations! That's not too bad. At least we're not Tuvalu!

    We have the 12th largest population, 43rd density, 32nd GDP-PPP, 44th Gini Index(better than the USA), 112 HDI, with only a rating of 73rd position on land area.

    The Philippines also has only a 7.2% unemployment rate. Compare the USA at 8.6%. Spain 23.5%. 8.5% in Canada. 8.4% in the UK. 14% in Ireland. South Africa is 25%. Puerto Rico is 16%. American Samoa: 28%. Many nations have an unemployment rate of 40%-80%. 7.2% is on par with 1st world nations, and higher than some. Making "little money" has got to be better than none at all.

    The Philippines is not Paradise. But it's not bad.

    EDIT: Thanks Buta. Very true. Americans think that the 1930's and 1950's were very prosperous and rich. People's favourite old films show this. It was hardly true. Nostalgia corrupts the mind. Things have always been bad everywhere...

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  • Anonymous
    8 years ago

    I read it too. Philippines was once a prosperous country. It still has hope. However, as long as people continue to elect people on their family name and not on their accomplishments, it will continue its downward spin.

    Your president is not the answer. I'm sure you have noticed it. The only news you ever read about is how he is being vindictive towards Corona for returning Hacienda Luisita to its rightful owners and out of the hands of the Aquino family.

    His love life is in the news, his purchase of fancy cars, his smoking habit, shaking hands with Bourne actor, giving 5 million pesos to MILF when it could have been put to better use.

    When was the last time he did something to benefit the country?

    He will have a very poor legacy as president.

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  • Anonymous
    8 years ago

    Yes. It was for a short time during the Marcos regime. Too bad he abused his power and plunged the country into almost bankruptcy. The Philippines' economy used to be more competitive than Japan's economy.

    Source(s): Have read it in an article or books long time ago.
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  • Hepo
    Lv 5
    8 years ago

    During the 1960's, yes. It was one amongst the top-performing SE countries during that time. It was only towards the end of Marcos' first term when things started going south. He pilfered a lot of the country's wealth and stashed them initially in HK banks, then eventually in Swiss banks. He and Imelda had to maintain their extravagant life... and eventually the Philippines it seemed had to borrow from the IMF to keep the economy, which at that time was already beginning to ail, afloat. Sadly, although democracy was restored through Corazon Aquino, the problem of poverty persists and is a very difficult problem to solve, especially with this present administration.

    @La coquine: Normally I'd ignore this, but your comments have become rather racist and vulgar. And I think I'd agree with The final act on this one - your horrible English sentence construction likewise makes me think the "she's whoring" part pertains to your mother, given that you mentioned your parents in the first sentence of your first paragraph. If you want to avoid being misunderstood, fix your English first, or don't answer anything in English at all! You act like a contemptuous household help whose golddigging finally hit the jackpot when you married into wealth. With this continued behavior, a mere pathetic social-climber is all you'll ever be.

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  • Anonymous
    8 years ago

    I don't know if it was the richest. They say that when Marcos was president it was very prosperous. The ratio of the Philippine Peso: USD was at its all time best. Maybe just hearsay but I'm sure it was better overall than what it is now. Lets wait for the answers to come in, ok.

    I'm going to go watch Philippine National soccer team now play. They are on TV. BYE

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  • Greg S
    Lv 6
    8 years ago

    the spanish ruled the philippines for 400 years & never really made much money from their colony

    there was a time early in the marcos years when there was a lot of development & the illusion of wealth was accomplished. but the development was financed by loans & fiddling the books

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