Martial Law fact checks

FALSE: Forex at P1.50 to P2 per dollar during Marcos years

Rappler.com
Official data shows the peso-dollar exchange rate was already at P3 in 1965, and it further depreciated throughout Marcos’ term

Claim: The peso-dollar exchange rate during the administration of Ferdinand Marcos was at P1.50 to P2 per dollar, a sign of a better economy compared to today.

Various Facebook pages and groups have posted online that Marcos’ governance strengthened the local currency against the dollar. This claim is usually included in a long list of supposed “achievements” of the late dictator.

We’ve identified, through CrowdTangle, the following pages and groups that posted such claims:

Foreign exchange rate at P1.50/$1

  • Ka Rex Canayong (page)
  • Duterte FB Global Warriors (group)
  • NUEVA ECIJA’S PRIDE [in ka dito ka novo] (group)
  • BONGBONG MARCOS PILIPINAS SOLID GROUP””FOR PRESIDENT MOVEMENT 2022 (group)
  • Pres. Duterte And Vp Marcos Global Supporters (page)
  • H-World UN-PI Region 4A (page)
Foreign exchange rate at P2/$1
  • Pinoy Rap Radio (page)
  • Memories of Philippine History (group)
  • REAL PHILIPPINE HISTORY (group)
  • Raffy Tulfo Supporters (page)

Rating: FALSE

The facts: Official data from the Bangko Sentral ng Pilipinas (BSP) shows the Philippine peso was already valued at P3.91 per dollar when Marcos came into power in 1965. By the time he was ousted in 1986, one dollar was equivalent to P20.46 – depreciating by 423.46%. (READ: Marcos years marked ‘golden age’ of PH economy? Look at the data)

BSP data has traced the monthly average of currency exchange rates since 1945, but the Philippine peso never appreciated against the dollar to the P2 level during the entire Marcos administration. The last time the local currency reached P2 was in January 1962, 3 years before Marcos took office. (READ: FALSE: Philippines was ‘richest country in Asia’ during Marcos years)

Post-World War II, the exchange rate was maintained at P2 per dollar for 15 consecutive years, or until 1960. It’s the highest level the Philippine peso has ever reached since 1945. – Pauline Macaraeg/Rappler.com

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