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Pinoy Memories 36
growth was largely financed, however, by US economic aid and several loans made by the Marcos government. The country's foreign debts were less than US$1billion when Marcos assumed the presidency in 1965, and more than US$28billion when he left office in 1986. A sizable amount of these moneys went to Marcos family and friends in the form of behest loans. These loans were assumed by the government and still being serviced by taxpayers. Today, more than half of the country's revenues are ...
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