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The Marcos administration created the Philippine Exchange Co. (Philex), a government entity that takes charge of all international trading of sugar. Philex solely took charge of exporting US and foreign-bound sugar. They bought locally manufactured sugar at a low price of $19.75 per picul, then sold it to the United States for $69.25. [2]
In the third quarter of 1981, the Philippine economy followed the course of the US economy into recession. [1] The Philippines’ debt rose to more than 200 percent of exports from 1978 to 1991. [1] More than half the value of the country’s exports went to debt service, rather than imports. [1]
The Philippine Competition Commission is an independent, quasi-judicial body created to enforce the act. It is attached to the Office of the President of the Philippines. [6] Five commissioners were appointed to the Philippine Competition Commission and sworn in on January 27, 2015: [7] Michael G. Aguinaldo (Chairperson) Marah Victoria S. Querol
According to World Bank data, the Philippines' gross domestic product (GDP) quadrupled from $8 billion in 1972 to $32.45 billion in 1980, for an inflation-adjusted average growth rate of 6% per year. [40] Indeed, according to the U.S.-based Heritage Foundation, the Philippines enjoyed its best economic development since 1945 between 1972 and 1980.
On March 10, 1785, King Charles III of Spain confirmed the establishment of the Royal Philippine Company with a 25-year charter. The Basque-based company was granted a monopoly on the importation of Chinese and Indian goods into the Philippines, as well as the shipping of the goods directly to Spain via the Cape of Good Hope. [23]
The official website of the Philippine Competition Commission states that a stable, fair playing field is expected to result in greater interest among foreign investors, which in turn would lead to an expansion of the market, and opening global opportunities for companies in the Philippines, big or small. [1]
In economics, a government-granted monopoly (also called a "de jure monopoly" or "regulated monopoly") is a form of coercive monopoly by which a government grants exclusive privilege to a private individual or firm to be the sole provider of a good or service; potential competitors are excluded from the market by law, regulation, or other mechanisms of government enforcement.
[4] [5] [6] Marcos critics, and the local and international press began referring to these individuals as "cronies" during the latter days of the Marcos dictatorship, [2] and the Philippine government – especially the Presidential Commission on Good Government (PCGG) – continued using the term after the ouster of Marcos in 1986. [4]