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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]
Philippine external debt was at $4.1 billion in 1975 and doubled to $8.2 billion two years later. [1] Loans funded the 11 major industrial projects Marcos announced in his 1970 State of the Nation Address, as well as roads, bridges, dams, irrigation systems, communications infrastructure, power plants, and electrical transmission facilities.
The richest 10 percent, meanwhile, took a larger share of the income at 41.7 percent in 1980, up from 37.1 percent in 1970. [61] According to the FIES (Family Income and Expenditure Survey) conducted from 1965 to 1985, poverty incidence in the Philippines rose from 41 percent in 1965 to 58.9 percent in 1985. This can be attributed to lower real ...
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.
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.
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More than 60% of debit transactions in the U.S. run over Visa rails, helping it charge more than $7 billion annually in processing fees, according to the DOJ complaint.
A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product, [21] good, commodity, or service. A price floor must be higher than the equilibrium price in order to be effective. The equilibrium price, commonly called the "market price", is the price where economic forces such as supply ...