What Happened to the Billions That Former President Marcos Stole From the Philippines| The Big Steal

Summary

This video explores the rise and fall of Ferdinand Marcos, the former president of the Philippines, who became infamous for his corrupt regime. Marcos, once a war hero, ruled for two decades, amassing wealth and constructing extravagant projects like the Manila Film Center and the Cultural Center Complex. His regime was marked by human rights abuses and economic mismanagement, leading to a massive foreign debt. Despite being ousted in a popular revolt, Marcos's legacy remains complex, with some still viewing him as a national hero. His family continues to influence politics, with his son running for vice presidency, promising a return to a 'golden age.'

Takeaways

• 🏛️ The remnants of former Philippine President Ferdinand Marcos' regime can be seen in Baguio and Manila, including a large skeletal head and numerous mansions.
• 🚧 Marcos was known for his ambitious public works projects, some of which turned out to be white elephants, like the Manila Film Center and the Coconut Palace.
• 💰 Ferdinand Marcos is considered one of the most corrupt leaders in Southeast Asia, with his regime accused of stealing up to 10 billion dollars.
• 💡 Marcos came to power with a populist campaign and was initially supported by the U.S. due to his anti-communist stance.
• 🛑 He declared martial law in 1972, leading to numerous human rights abuses and the siphoning of state funds.
• 💎 The Marcos family was known for their extravagant lifestyle, including a vast collection of houses, jewels, and Imelda Marcos' infamous shoe collection.
• 💔 The regime's end came with a popular revolt, partly due to economic mismanagement and the assassination of opposition leader Benigno Aquino.
• 🗽 Marcos died in exile in Hawaii, leaving the Philippines bankrupt and with a massive foreign debt.
• 🔍 The Marcos family's ill-gotten wealth has been traced to offshore accounts, shell companies, and property investments worldwide.
• 🎉 Despite the corruption, Ferdinand Marcos is still celebrated as a national hero in his home province, and his family continues to be influential in Philippine politics.

Q & A

What is the significance of the skeletal head near Baguio, Philippines?

The skeletal head is the remains of a large bust of former Philippine President Ferdinand Marcos, symbolizing his lasting impact on the city and the country.

What is the Marcos Highway?

The Marcos Highway is a road, still referred to by many by that name, which leads into Baguio and is associated with the infrastructure projects undertaken during Ferdinand Marcos's rule.

How is Ferdinand Marcos described in terms of his governance and wealth?

Ferdinand Marcos is described as one of the richest and most corrupt men in Southeast Asia, who ruled with an iron grip, siphoned off state funds, and left the country bankrupt.

What was the role of the United States in supporting Marcos's regime?

The United States backed Marcos's regime for a long time due to his stance as a staunch anti-communist, overlooking human rights abuses and corruption.

What is the significance of the Manila Film Center in the narrative of Marcos's regime?

The Manila Film Center was built hastily for an international film festival and is notorious for a construction accident where workers were allegedly buried alive, reflecting the regime's disregard for human life and its focus on image over substance.

How did Ferdinand Marcos portray himself to the public?

Marcos portrayed himself as a war hero and a dynamic leader, using propaganda and public works projects to create an image of greatness and progress.

What was the economic state of the Philippines by the end of Marcos's rule?

By the end of Marcos's rule, the Philippine economy was in shambles, with a foreign debt that was four thousand percent greater than before his presidency.

What was the fate of the Marcos family after Ferdinand Marcos's fall from power?

After Marcos's fall, the family went into exile, but they have since tried to reclaim their political influence, with some members running for office and successfully burying Ferdinand Marcos with honors.

How has the Marcos family's narrative influenced the public's perception of their rule?

The Marcos family has successfully peddled a narrative that portrays their rule as a golden age of peace and progress, which has influenced many Filipinos to view them positively despite historical corruption.

What is the term used to describe the practice of mixing politics and business as seen during Marcos's era?

The term used to describe this practice is 'crony capitalism,' which was popularized during Marcos's era and has been linked to both economic growth and instability.

How has the legacy of Ferdinand Marcos been commemorated in Ilocos Norte?

In Ilocos Norte, Ferdinand Marcos is commemorated with celebrations on his birthday, and he is still considered a national hero by some, reflecting the complex and divided legacy he left behind.