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Binondo Central Bank
The Binondo Central Bank (BCB) was a Filipino government dual exchange rate system that operated between 1983 and 1986. It was established to allow the government to narrow the rate gap by directly intervening in black market currency prices. The government of the Philippines organized the BCB under then Trade Secretary Roberto Ongpin, with a mandate to close the gap between the US dollar vs the Philippine Peso's official guiding rate and the black market rate. Ongpin was later charged with illegally acquiring Philippine pesos through the BCB but this case was dismissed in 2016. History The BCB was established in November 1983 at the time when the country is experiencing a debt crisis following the assassination of Benigno Aquino Jr. Financial institutions and banks were experiencing scarce foreign reserves at that particular period. It was organized by the Ferdinand Marcos government led by then Philippine Minister of Trade and Industry Roberto V. Ongpin with collaboratio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dual Exchange Rate
In economics, a dual exchange rate is the occurrence of two different values of a currency for different sets of monetary transactions. One of the most common types consists of a government setting one exchange rate for specific transactions involving foreign exchange and another exchange rate governing other transactions. A dual exchange rate policy can arise for a variety of reasons. In the past, European and Latin American countries have used dual exchange rates to ease the transition from a fixed rate to a floating rate. Dual exchange rates are similar to multiple exchange rates in that they can appear when there is simultaneously both an official and black market rate. History In the gold standard and the Bretton Woods system, the major developed countries mainly implemented fixed exchange rate systems. Due to the devaluation of the pound around the 1970s and the collapse of the Bretton Woods system, many developed countries switched to floating exchange rates. In 1971, Fr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Presidential Commission On Good Government
The Presidential Commission on Good Government (PCGG) is a quasi-judicial government agency of the Philippines whose primary mandate is to recover the ill-gotten wealth accumulated by Ferdinand Marcos, his immediate family, relatives, subordinates and close associates, whether located in the Philippines or abroad. It was created by President Corazon Aquino shortly after she was sworn in as president in the aftermath of the 1986 People Power revolution.Manapat, Ricardo (1991) Some Are Smarter Than Others. Aletheia Press. In addition to recovering the Marcos wealth, it is also tasked with investigating other cases of graft and corruption; and instituting of corruption prevention measures. Soon after the PCGG was created, Aquino issued an executive order freezing the assets of the Marcoses in the Philippines, and assigning the PCGG to negotiate with foreign governments so that the Marcoses' wealth overseas could be repatriated to the Philippines, giving the PCGG diplomatic powe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philippine Companies Established In 1983
The Philippines, officially the Republic of the Philippines, is an archipelagic country in Southeast Asia. Located in the western Pacific Ocean, it consists of 7,641 islands, with a total area of roughly 300,000 square kilometers, which are broadly categorized in three main geographical divisions from north to south: Luzon, Visayas, and Mindanao. With a population of over 110 million, it is the world's twelfth-most-populous country. The Philippines is bounded by the South China Sea to the west, the Philippine Sea to the east, and the Celebes Sea to the south. It shares maritime borders with Taiwan to the north, Japan to the northeast, Palau to the east and southeast, Indonesia to the south, Malaysia to the southwest, Vietnam to the west, and China to the northwest. It has diverse ethnicities and a rich culture. Manila is the country's capital, and its most populated city is Quezon City. Both are within Metro Manila. Negritos, the archipelago's earliest inhabitants, w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Presidency Of Ferdinand Marcos
A presidency is an administration or the executive, the collective administrative and governmental entity that exists around an office of president of a state or nation. Although often the executive branch of government, and often personified by a single elected person who holds the office of "president", in practice, the presidency includes a much larger collective of people, such as chiefs of staff, advisers and other bureaucrats. Although often led by a single person, presidencies can also be of a collective nature, such as the presidency of the European Union is held on a rotating basis by the various national governments of the member states. Alternatively, the term presidency can also be applied to the governing authority of some churches, and may even refer to the holder of a non-governmental office of president in a corporation, business, charity, university, etc. or the institutional arrangement around them. For example, "the presidency of the Red Cross refused to support ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic History Of The Philippines
The economic history of the Philippines is shaped by its colonial past, evolving governance, and integration into the global economy. Prior to Spanish colonization in the 16th century, the islands had a flourishing economy centered around agriculture, fisheries, and trade with neighboring countries like China, Japan, and Southeast Asia. Under Spanish rule, the Philippines became a key hub in the Manila-Acapulco galleon trade, though the wealth primarily benefited colonial powers rather than local development. During the American colonial period (1901–1946), the country saw significant economic reforms and infrastructure improvements, while the Philippine peso was pegged to the US dollar, facilitating trade and investment. After gaining independence in 1946, the Philippines experienced periods of growth and stagnation, with key phases of industrialization and agricultural reform, alongside challenges such as cronyism, political instability, and economic inequality. In the m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1986 Disestablishments In The Philippines
The year 1986 was designated as the International Year of Peace by the United Nations. Events January * January 1 ** Aruba gains increased autonomy from the Netherlands by separating from the Netherlands Antilles. ** Spain and Portugal enter the European Community, which becomes the European Union in 1993. * January 11 – The Sir Leo Hielscher Bridges, Gateway Bridge in Brisbane, Australia, at this time the world's longest prestressed concrete free-cantilever bridge, is opened. * January 13–January 24, 24 – South Yemen Civil War. * January 20 – The United Kingdom and France announce plans to construct the Channel Tunnel. * January 24 – The Voyager 2 space probe makes its first encounter with Uranus. * January 25 – Yoweri Museveni's National Resistance Army Rebel group takes over Uganda after leading a Ugandan Bush War, five-year guerrilla war in which up to half a million people are believed to have been killed. They will later use January 26 as the official date ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fabian Ver
Fabian Crisologo Ver (born Fabian Maria Trinidad Juan Cirilo Crisologo Ver; January 20, 1920 – November 21, 1998) was a Filipino military officer who served as the Commanding Officer of the Armed Forces of the Philippines under President Ferdinand Marcos. Early life and education Fabian Ver was born on January 20, 1920, to Juan Ver and Elena Crisologo. He grew up in the town of Sarrat, Ilocos Norte, Sarrat in Ilocos Norte. Ver attended the University of the Philippines and was an alumnus of its reserve program. He also joined the UP Vanguard in 1941. However, the outbreak of World War II disrupted his studies. After the war, he resumed his studies at the University of Manila where he obtained a Bachelor of Law degree and later the University of Louisville where he graduated with a degree in police administration in 1963. He also undertook training in Hawaii and with the Los Angeles Police Department. Military and political career During World War II, he acted as a guerrill ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Imelda Marcos
Imelda Romualdez Marcos (; born Imelda Remedios Visitación Trinidad Romuáldez; July 2, 1929) is a Filipino politician who was First Lady of the Philippines from 1965 to 1986, wielding significant political power after her husband Ferdinand Marcos placed the country under Martial law under Ferdinand Marcos, martial law in September 1972. She is the mother of current president Bongbong Marcos. During her husband's 21-year rule, Imelda Marcos ordered the construction of many grandiose architectural projects, using public funds and "in impossibly short order" – a propaganda practice, which eventually came to be known as her "edifice complex". She and her husband Embezzlement, stole billions of Philippine peso, pesos from the Filipino people,Manapat, Ricardo (1991) Some Are Smarter than Others: The History of Marcos' Crony Capitalism. Ateneo de Manila University Press. amassing a personal fortune estimated to have been worth to by the time they were deposed in 1986; by 2018, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sandiganbayan
The Sandiganbayan () is a special Appellate court, appellate collegial court in the Philippines that has jurisdiction over criminal and civil cases involving Graft (politics), graft and corrupt practices and other offenses committed by public officers and employees with a salary grade 27 and up , including those in government-owned and controlled corporations. The special court was established by Presidential Decree No. 1486. It was subsequently modified by Presidential Decree No. 1606 and by Republic Acts 7975, 8249 and 10660. It is equal in rank to the Philippine Court of Appeals, Court of Appeals, and consists of fourteen Associate Justices and one Presiding Justice. The Ombudsman of the Philippines, Office of the Ombudsman owns exclusive authority to bring cases to the Sandiganbayan. The Sandiganbayan is housed in the Centennial Building, Commonwealth Avenue, Quezon City, Commonwealth Avenue, National Government Center, Diliman, Quezon City, Metro Manila. History The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
People Power Revolution
The People Power Revolution, also known as the EDSA Revolution or the February Revolution, were a series of popular Demonstration (people), demonstrations in the Philippines, mostly in Metro Manila, from February 22 to 25, 1986. There was a sustained campaign of civil resistance against regime violence and electoral fraud. The nonviolent revolution led to the departure of Ferdinand Marcos, the end of his 20-year dictatorship and the restoration of democracy in the Philippines. It is also referred to as the Yellow Revolution due to the presence of yellow ribbons during demonstrations (in reference to the Tony Orlando and Dawn song "Tie a Yellow Ribbon Round the Ole Oak Tree") as a symbol of protest following the Assassination of Benigno Aquino Jr., assassination of Filipino senator Benigno "Ninoy" Aquino Jr. in August 1983 upon his return to the Philippines from exile. It was widely seen as a victory of the people against two decades of presidential rule by President Marcos, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Black Market
A black market is a Secrecy, clandestine Market (economics), market or series of transactions that has some aspect of illegality, or is not compliant with an institutional set of rules. If the rule defines the set of goods and services whose production and distribution are prohibited or restricted by law, non-compliance with the rule constitutes a black-market trade since the transaction itself is illegal. Such transactions include the illegal drug trade, prostitution (where prohibited), illegal currency transactions, and human trafficking. Participants try to hide their illegal behavior from the government or regulatory authority. Cash is the preferred medium of exchange in illegal transactions, since cash transactions are less easily traced. Common motives for operating in black markets are to trade contraband, avoid taxes and regulations, or evade price controls or rationing. Typically, the totality of such activity is referred to with the definite article, e.g., "''the' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Filipino-Chinese
Chinese Filipinos (sometimes referred as Filipino Chinese or Chinoy/Tsinoy in the Philippines) are Filipinos of Chinese descent with ancestry mainly from Fujian, but are typically born and raised in the Philippines. Chinese Filipinos are one of the largest overseas Chinese communities in Southeast Asia. Chinese immigration to the Philippines occurred mostly during the Spanish colonization of the islands between the 16th and 19th centuries, attracted by the lucrative trade of the Manila galleons. During this era, they were referred as the Sangley, who were mostly the Hokkien-speaking Hokkien people, who later became the dominant group within the Filipino-Chinese community.The Birth of Globalization: The World and the Beginnings of Phili ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
