Quote Originally Posted by dr. d View Post
yespo.
i believe that was the time our country still led in the region.
The Marcos administration started several months after the eruption. There was rapid borrowing by the government to fund massive infrastructure projects (sound familiar?) up until we couldn't pay these back properly, causing a balance-of-payments crisis with the International Monetary Fund.

By the year 1970, our economy was already in shambles.

Source: https://dirp4.pids.gov.ph/ris/pjd/pidsjpd92-2imf.pdf


The Taal Eruption in 1965 was the beginning of the end for the Philippines' post-war golden age.