False Nostalgia: The Marcos “Golden Age” Myths and How to Debunk Them

by J.C. Punongbayan

This book is going to be perhaps the most lethal weapon in the arsenal against the so-far partially successful attempts (thanks to social media) to tout the 20-year Marcos era (January 1966 to February 1986) as a “golden age” in Philippine history. Specifically, JC Punongbayan relentlessly examines every one of 43 claims that have been made regarding that period—from the faintly ridiculous (that Imelda Marcos did not use public funds to build her “bopis” hospitals) to the utterly insane (that nobody was poor during the Marcos regime). And he debunks every one of them with a mountain of data and past studies, all footnoted, referenced, and acknowledged so anyone can check and see for themselves the accuracy of JC’s rebuttals. The joy of it is that he combines seven years of scholarly research with simple, clear, compelling writing. Bravo!

Genres: History, Nonfiction, Politics, Economics

377 pages, Paperback

First published January 1, 2023

Reviews

[Led · Rating 4 out of 5]

Smart people are just as susceptible to lies and deception as stupid people.

Only quibble for not giving the full rating is because the hard-hitting truths contained here would hardly reach the masses—they are the ones in dire need of illumination. I wish it were written in Filipino, but I understand how challenging that would be explaining economics.

[Maxine · Rating 5 out of 5]

The False Nostalgia is a deep-dive into dictator Ferdinand Marcos, Sr’s term as president of the Philippines from 1966 to 1986. JC Punongbayan lists 43 of the most widespread claims about the “Golden Age” during Marcos’ term, and debunks these myths expertly and relentlessly, providing only facts backed by years of evidence from science and data economics.

Having earned his PhD in Economics, Punongbayan says he is very well aware of the limit of using data, especially in nudging people “to think differently about their previously held beliefs,” and so he writes as an academic using scholarly research and intertwines this with a narrative data that keeps me hooked and ready for the next pages ahead.

This book is divided into three parts, and out of the 43 myths that Punongbayan debunked, here’s some of the most important:

1. Only 1 person was executed by the regime – FALSE
In 2018, the Human Rights Victims’ Claims Board confirmed that there were 11,103 people who suffered human rights abuses (you can see the breakdown in the book)

2. Marcos added just USD 1 billion to the national debt – FALSE
In 1965, the outstanding external debt of the PH is at USD 0.8 billion. But at Marcos’ last full term, this ballooned to USD 26.25 billion.

3. Marcos plundered to protect the economy - FALSE
This one is too funny. How anyone could think this way, I have no idea.

At a glance, this book is definitely data-driven and at times, heavy. But I would like to encourage you to keep reading because every number and every word in all these pages are vital in keeping our history, our identity, and the truth alive.

Never again. Never forget.

[Ava (jeepneylit) · Rating 5 out of 5]

This should be made a required reading in high schools.

[jini]

Picked this book up because my Economics teacher recommended Punongbayan's work as a crash course on macroeconomics. I finished this book not only with a crash course on basic macroeconomic concepts but also a new perspective on the Marcos dictatorship.

The book excellently synthesizes various sources and statistics on the Philippine economy during the Marcos Sr. administration to explain a simple narrative: the Marcos Sr. era was not a golden age. The main point of this book is that the Philippine economy worsened during his dictatorship largely because of crony capitalism and outright plunder which lead to economic mismanagement. I was hooked at every detail that this book has shown me.

Not only that, but this also made me appreciate Economics as a discipline more. I applied the concepts I learned in school in understanding what's presented in this book about economics during the Marcosian rule. In turn, it made me understand more the economic concepts I'm currently learning.

I can't help but think how lucky I am to have read and appreciated this book (I borrowed it from my school library). Paano kaya 'yung mga ordinaryong Pilipino na hindi nagbabasa ng mga libro? Paano kaya nila matututuhan ang narito sa librong ito? I appreciate Punongbayan's efforts to spread awareness and fight the disinformation related to the Marcos dictatorship, but I wish for a more accessible version of this book readily available to the ordinary Filipino. Not all Filipinos are inclined to pick up any book.

Overall, it's one of the books that left a huge impact on me. If you haven't read this book, why?

[Naethan · Rating 4 out of 5]

Excellently written, depressing, and utterly haunting.

This book inspired me to immerse myself in learning economics further -- both focused on the topic of Martial Law and outside of it. Punongbayan writes it in a very accessible way; you need not have a comprehensive knowledge of economics to understand how dire the situation was in that moment of Philippine history.

[Anne · Rating 5 out of 5]

Riveting read

I knew the Marcoses were such diabolical and heartless people but reading about the extent of their atrocities was just incredibly disheartening. I was shocked, furious, and depressed. I hope more Filipinos will wake up and realize the power resides in the people and that we have the power to hold the Marcoses to account.

[Luigi Alcaneses · Rating 4 out of 5]

My initial impression of the title of this book was that it would come off as too condescending. Do we really need to use the language of "debunking" and "dunking" to try and convince the masses that disinformation is real? Instead, I am wholly thankful that Dr. Punongbayan makes an incredible effort to do the opposite: work through these golden era myths patiently and then provide appropriate and grounded context for understanding what happened during martial law.

From an argument deconstruction perspective, I think that the book is excellent in separating the "value judgment" claims from the "factual" claims behind these myths. It is a very difficult balance to simultaneously unpack these assumptions and provide the cleanest representation of the truth. Furthermore, while there are portions of the book that forward sometimes an overly simplistic criticism against debt-driven economic growth, this shouldn't take away from the way in which this book masterfully unpacks concepts like inflation, currency exchange, and bailouts on terms that are sufficient enough to explain the sheer amount of economic mismanagement that happened during this time, which is the purpose of this book.

Having said this, by no means is this book a catch-all for everything on the Marcos regime. It doesn't claim to be authoritative and final in its overview. Instead, it serves as the best introductory compiling research material I have read on the Marcos regime so far, and the hope is that this book can encourage its readers to also learn more about history in a more nuanced lens. So many interesting stories that I never learned in school before!

[pelickula · Rating 4 out of 5]

The saddest takeaway I can get from the book are two things:

1. Marcos Sr.'s downfall might have been more to do when he and his cronies can no longer get any aid or loans from the international bodies they leeched off from for decades and not so much the bloodless revolution that the People Power movement was renowned for.

2. As good as the book is, I doubt this has any sway into the actual people who cling to the myths and stories surrounding the Marcos regime. There are times when it feels like reading a hybrid of history and economic textbooks - what chance does this have against a generation of people who get their information from the age of social media?

[Roberto D. · Rating 5 out of 5]

It has been a long time since I wrote a book review but here I am now. This book is important as it is so understandable, I need not use extra sheets of paper in writing down notes because the information that this book bestows on the reader is digestible. Professor Punongbayan digs deep into the truth of the Philippine Economy under the Marcos regime that it is astounding to have first hand accounts of the documents of the era. To the reader of this review, if you happen to be reading the reviews of this book, please do read this book because it is so important now.

[Christian · Rating 4 out of 5]

An essential book in these dark times of disinformation and misinformation. My only gripe is the heavy economic jargon (which is understandable given that the author is an economist and most of the atrocities of the Marcoses were related to the economy) which poses a problem if the goal is to disseminate the vast trove of information in this book to the general public. Still, a commendable effort and an eye-opener. I was already angry but I got angrier.

Never forget. Never again.

[Michael · Rating 5 out of 5]

An essential read for every single Filipino out there and I great reminder to today's generation of the past, how it influenced our lives today, and how we can still fix the future to prevent it from happening again. I hope this will serve as a reference when we combat the Marcos myth disinformation because it is an unfortunate cancer that has spread for decades now. Never forget, never again.

[Christian Drey · Rating 4 out of 5]

very good read. I though I already knew a lot but this book made me realize how little I know during that time in PH history.

if I need to criticize something, it would be that nonfiction books can also be fun to read. This book though is tough to read, in the sense that it kept me want to go to sleep.

[J · Rating 5 out of 5]

This is a brilliant weapon for us myth-busters. I will review this book before I go to a gathering with friends and relatives who support and defend the Marcoses, just in case I’ll see an opening to defeat lies with facts!

[Harold · Rating 5 out of 5]

A great read dispelling a lot of myths propped up over the years. A minute point though is that the author tends to fall into anecdotes that made the same myths thrive. But he is able to build the case even prior to those episodes.

[Mmmmm · Rating 5 out of 5]

“The sky was the limit as far as the Marcoses and their cronies were concerned.”

[Jose Carlo Valencia · Rating 4 out of 5]

4.5⭐️

[Hannah · Rating 5 out of 5]

a disheartening read but a necessary one.

[Kael · Rating 4 out of 5]

Utilized this in my history presentation for Martial Law and the Economy. Such a good read to go back to from time to time.