Congresswoman and now House Speaker Gloria Macapagal-Arroyo showed her competence in front of the world and America’s former President Barack Obama when it comes to the economy. She has turned the ailing economy of the country starting in 2001 when she assumed the presidency. Concrete economic infrastructures were created that spared the Philippines from the global economic crises in 2008. It would be beneficial if Arroyo can take over as temporary Vice President should the impeachment case against VP Leni Robredo pushes through. She is in the line of succession like Senate President Tito Sotto. Bongbong Marcos even vouches on her achievements in setting up economic infrastructures in terms of investments, exports, and other financial facilities through his BBM Vlog 24.
Youtube video YouTube Video by; Innovation Philippines
[VIDEO]: Personally, I know that Gloria, given her expertise that comes from her nine-year rule as president, will lead Congress well. She knows what is good for the country, especially in terms of the economy. Her legacy as president was an economic reform that gave us good economic growth. I’ve been a journalist for nearly seven decades and have walked the corridors of power. I can say that Gloria was among the best presidents we ever had.” – Emil Jurado
During the leadership of Former President Arroyo, she had made tough decisions. But these tough decisions made the Philippine Economy prosper. The GDP (gross domestic product) showed an average of 5.0% during her term from 2001 up to the first quarter of 2008. This focus on prowess in the handling of economy earned praise from her former classmate in Georgetown, former US President Bill Clinton.
One of the toughest rules the Arroyo Administration implemented was the controversial e-VAT law. This was the centerpiece of her economic reform agenda. Implemented on November of 2005, It aims to help in raising revenue for the country’s large budget deficit. The administration targets to have a sound national budget by 2010. These measures helped to contribute to a stronger Peso by boosting confidence in the government’s fiscal capacity. It is no surprise that the Philippine Peso was the best performing currency in East Asia for 2005-06.
A Stronger Peso
In 2007, during Arroyo’s administration, the Peso’s value has raised by nearly 20%. This makes it Asia’s best-performing currency. This was made possible through the increased remittances of OFWs as well as the strong domestic economy Arroyo have cultured. Even with the growth of the GDP in place. Arroyo still has the drive to push these areas even further.
Empowering the OFW
The inflation has reached its highest for 17 years in August of 2008. The annual rates go as high as 12.5 percent compared from the record low 2.8 percent in 2007. As the fuel and energy prices went down, the inflation rate eased at 8.8 percent. Pnoy claimed achievements on the continuing GDP Growth during his time. But It was Arroyo who pushed to nurture jobs overseas for Filipinos as a choice and not the singular option.
The BRICS Club
The economies of Brazil, Russia, India, China and South Africa are well known for their tremendous growth potential. They are called the BRICS club. These countries also have their share of economic and political woes. China has been the main force driving this group. China has transformed their economic structure from a focus on exports to an economy that relies on domestic consumption. During her administration, one of Arroyo’s successful achievements is the lower reliance on imports. Arroyo’s economic principles are clearly in line with the Marcos-Du30 partnership. She can also safeguard the VP post just in case Robredo is impeached or removed for whatever reason.