Ferdinand Marcos - Legacy

Legacy

Marcos' family and cronies looted so much wealth from the country that to this day investigators have difficulty determining precisely how many billions of dollars were stolen. However, it is estimated that Marcos alone stole at least $5 billion from the Filipino treasury. The Swiss government, initially reluctant to respond to allegations that stolen funds were held in Swiss accounts, has returned US$684 million of Marcos’ wealth.

According to Jovito Salonga, monopolies in several vital industries have been created and placed under the control of Marcos cronies, such as the coconut industries (under Eduardo Cojuangco, Jr. and Juan Ponce Enrile), the tobacco (under Lucio Tan), the banana (under Antonio Floirendo), the sugar industry (under Roberto Benedicto) and manufacturing (under Herminio Disini and Ricardo Silverio). The Marcos and Romualdez families became owners, directly or indirectly, of the nation's largest corporations, such as the Philippine Long Distance Company (PLDC), of which the present name is Philippine Long Distance Telephone (PLDT), the Philippine Airlines (PAL), Meralco (an electric company), Fortune Tobacco, the San Miguel Corporation (Asia's largest beer and bottling company), numerous newspapers, radio and TV broadcasting companies (such as ABS-CBN), several banks, and real estate properties in New York, California and Hawaii. The Aquino government also accused them of skimming off foreign aid and international assistance.

Many laws written by Marcos are still in force and in effect. Out of thousands of proclamations, decrees and executive orders, only a few were repealed, revoked, modified or amended. Few credit Marcos for promoting Filipino culture and nationalism. His 21 years in power with the help of U.S. massive economic aid and foreign loans enabled Marcos to build more schools, hospitals and infrastructure than any of his predecessors combined.

In the 2004 Global Transparency Report, Marcos appeared in the list of the World's Most Corrupt Leaders. He was listed second behind the late President of Indonesia, Suharto and he was said to have amassed between $5 billion to $10 billion in his 21 years as president of the Philippines.