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In page Martial law under Ferdinand Marcos:
"The Philippines had a cautious borrowing policy as late as the early 1970s, but the Marcos administration borrowed a massive amount of foreign debt in the early 1980s amid high oil prices, high interest rates, capital flight, and falling export prices of sugar and coconut.[1] The country's total external debt rose from US$2.3 billion in 1970 to US$26.2 billion in 1985.[citation needed] Along with corruption and plunder of public funds by Marcos and his cronies, this held the country under a debt-servicing crisis which is expected to be fixed by only 2025.[citation needed]
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