CLAIM: The Philippines had a promising local electronic and automotive industry but was cut short when Martial Law was declared.
Financial journalist Likha Cuevas-Miel claimed in a social media post on March 22, 2022, that the Philippines was locally manufacturing radio and television sets way before Japan.
The post, which told the story of Radiowealth, a Filipino company and well-known brand in the 1950s – has been shared over 5,500 times generating 6,800 reactions.
Cuevas wrote that through Radiowealth’s founder Domingo M. Guevara, the country became a “manufacturing hub” before Japan and Korea which were devastated by war, and China which was at the height of Maoism.
“We had a thriving economy that was the envy of our neighbors,” she claimed, quoting an article originally published by isamunangpatalastas.blogspot.com.
“But then Ferdinand Marcos Sr. came. And grabbed power,” it added.
Read the full story on Fact Checked by PressOnePH