Why Was Ferdinand Marcos Jr.’s Presidential Victory So Controversial?

When the Philippine presidential election of 2022 concluded in a landslide victory for Ferdinand “Bongbong” Marcos Jr., the Philippine Inventory Change Index sank by 0.6% at 6,720.93. Losses from investor sell-offs amounted to an estimated complete of 488 billion PHP (9.3 billion USD). At-the-close of market, the index’s complete market capitalization fell by 168.27 billion PHP (3.2 billion USD).

However why do buyers have such little religion in a Marcos-led Philippines? Under, we’ll go over a short rundown of the nation’s points, Marcos’ {qualifications} (or lack thereof), and what a second Marcos administration means for the nation.

Summarizing Philippine Points

Main a rustic just like the Philippines isn’t any straightforward process. Local weather change, poverty, and political corruption threaten the standard of lifetime of the overall inhabitants. 2020’s Local weather Change Threat Index revealed that the Philippines ranked second among the many nations most affected by weather-related disasters. Storms displaced a complete of 4.4 million Filipinos throughout the yr 2020 alone. Moreover, about 26 million Filipinos, or 25% of the nation’s inhabitants, reside beneath the poverty threshold and lack the earnings to fulfill fundamental wants. Widespread political corruption left governments unable to alleviate the numerous social challenges the nation faces. Suffice to say, Filipinos have been ready for a robust chief to information the inhabitants out of smash.

From the get-go, it was clear that Bongbong Marcos wouldn’t be that chief.

The First Marcos Administration

Understanding why Marcos Jr.’s victory is so controversial it requires in-depth data of Ferdinand Marcos Sr.’s regime. The elder Marcos, the tenth president of the Philippines, started his reign in 1965 and dominated for roughly 20 years till a nonviolent revolution — known as the Individuals Energy Revolution — compelled him out of energy in 1986.

The Marcos regime was notorious for its censorship, brutality, and financial upheaval. Via his 20-year reign, Marcos stole between 5 billion to 10 billion USD from authorities funds. Debt to overseas entities jumped from 0.36 billion in 1961 to twenty-eight.26 billion in 1986, which led to falling wages and widespread poverty. To maintain his atrocities from public view, Marcos shut down media shops that opposed his regime. 33 journalists had been murdered beneath the primary Marcos presidency.

A Devoted Historic Revisionism Marketing campaign

The shortage of investor religion in Marcos Jr.’s management may be attributed to an absence of accountability and his place on his father’s crimes. Profitable management requires accountability. Unaddressed weaknesses in management — particularly when leaders focus extra on what they will acquire from energy somewhat than tips on how to drive outcomes — create danger. And Marcos Jr. has failed to carry himself or his household accountable for something. Marcos Jr.’s previous actions present that he’s eager on persevering with his father’s legacy of corruption.

The truth is, his marketing campaign relied on the constant whitewashing of historical past. Utilizing social media, Marcos Jr. rehabilitated his household’s picture. Via the years, the Marcos household flooded YouTube and Fb with disinformation, claiming that Marcos Sr.’s 20-year regime spawned a golden age for the nation, and that not one of the human rights or monetary abuses that occurred beneath his rule had been ever confirmed. When the election started, many of those posts additionally focused the reputations of Marcos’ political opponents, together with human rights lawyer Leni Robredo, the presidential runner-up.

Marcos Jr.’s Unresolved Corruption Circumstances

Marcos Jr.’s crimes don’t finish with historic revisionism. Like his kleptocrat father, Marcos Jr. additionally plundered authorities funds. Paperwork from a company known as iBBM — iBalik ang Bilyones ng Mamamayan (Return the Residents’ Billions) — proved that Marcos participated in The Precedence Improvement Help Rip-off, a political scandal by which Philippine legislators poured authorities funds into sham organizations from which they profited. Via the scheme, Marcos Jr. allegedly stole 1.9 million USD, the fifth-highest quantity of all collaborating legislators.

The outcomes of the current Philippine elections had been nothing wanting controversial. Philippine inventory costs for the reason that occasion have plummeted, creating billions in losses. Traders merely don’t consider {that a} Bongbong Marcos — a person that weaponizes misinformation to erase many years of obscene authorities theft and human rights abuses — can ever pull a rustic into prosperity.

But, in some way, the Philippine individuals do.