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During the administration of former Philippine President and dictator Ferdinand Marcos (1965–1986) select businesses were favored and patronized by Marcos, receiving financial support, sole patronage, tax exemptions, and control over entire industries rendering these businesses as monopolies. Friends and relatives of Marcos acquired staggering wealth and economic power due to special favors and privileges extended by the administration. While Marcos associates enjoyed government bailout even during the decline of their firms, other businesses suffered high taxes, sanctions, and other unjust treatments that forced them to close up, or to sell their shares. The majority of monopolies linked to the Ferdinand Marcos are managed by his close associates, also regarded as cronies by critics. Former First Lady Imelda Marcos insinuated that the Marcoses controlled the majority of the industries in the Philippines. In a 1988 interview, she stated, "We practically own everything in the Philippines—from electricity, telecommunications, airline, banking, beer and tobacco, newspaper publishing, television stations, shipping, oil and mining, hotels and beach resorts, down to coconut milling, small farms, real estate and insurance."
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