Several factors to consider on the Philippine economy during that time and it maybe true that it was not the case of being the Tiger of Asia. But to state that in his first term Marcos tried to stabilize the financial position of the government through an intensified tax collection. He also
borrowed heavily from international financing institutions to support a large-scale infrastructure works projects were built. He improved agricultural production to make the country self-sufficient in food, especially in rice.
Here’s an excerpt:
ECONOMIC CHANGES UNDER MARCOS
“To hasten the economic development, President Marcos implemented a number of economic programs. These programs helped the country to enjoy the period of economic growth I the mid-1970's up to the early 1980's.
The farmers were given technical and financial aid and other incentives such as "price support". With the incentives given to the farmers, the country's agricultural sector grew. As a result, the Philippines became self-sufficient in rice in 1976 and even became a rice exporter.
To help finance a number of economic development projects such as soil exploration, the establishment of geothermal power plants, the Bataan Nuclear Plant, hydro-electric dams, the construction of more roads, bridges, irrigation systems and other expensive infrastructure projects, the government engaged in foreign borrowings.
Foreign capital was invited to invest in certain industrial projects. They were offered incentives including tax exemption privileges and the privilege of bringing out their profits in foreign currencies. One of the most important economic programs in the 1980's was the Kilusang Kabuhayan at Kaunlaran (KKK). This program was started in September 1981. Its aim was to promote the economic development of the barangays by encouraging the barangay residents to engage in their own livelihood projects.
The government's efforts resulted in the increase of the nation's economic growth rate to an average of six percent to seven percent from 1970 to 1980. The rate was only less than 5 percent in the previous decade. The Gross National Product of the country (GNP) rose from P55 billion in 1972 to P193 billion in 1980.
Another major contributor to the economic growth of the country was the tourism industry. The number of tourists visiting the Philippine rose to one million by 1980 from less than 200,000 in previous years. The country earned at $500 million a year from tourism. A big portion of the tourist group was composed of Filipino balikbayans under the Ministry of Tourism's Balikbayan Program which was launched in 1973.
Another major source of economic growth of the country was the remittances of overseas Filipino workers. Thousands of Filipino workers found employment in the Middle East and in Singapore and Hongkong. These overseas Filipino workers not only helped ease the country's unemployment problem but also earned much-needed foreign exchange for the Philippines.“