One-Up for the "Cute Economist"

For months, we have been reading good news about the Philippine economy: how the country seemed to be “recession-proof”, Sec.Gary Teves being named as Best Finance Minister in Asia, strengthening of the currency, and the rebound in the local stock market.  Last Saturday, Philippine Daily Inquirer has on its headline something good about the current president.  After all, she’s still a fine economist.  Let’s read about it.

‘CUTE ECONOMIST’ *
Arroyo tops RP Presidents on economy—UA&P
By Vincent Cabreza
Inquirer Northern Luzon
First Posted 03:20:00 05/16/2009

MANILA, Philippines—Which of the Philippines’ most recent Presidents succeeded in strengthening the economy and has the chance of having his or her economic legacy appreciated by future generations?

Will it be the “the lawyer, the housewife, the general, the actor or the cute economist?”

President Gloria Macapagal-Arroyo, the cute economist, is the winner, according to economists from the University of Asia and the Pacific (UA&P) at a briefing hosted by the Bank of Commerce in Baguio City last Thursday.

Each President’s performance was assessed in the context of the historical environment in which they ruled, said UA&P professor Emilio Antonio Jr., who is also president of the Center for Research and Communication Foundation.

Ms Arroyo, who has often said that she would want to be remembered for her contributions to the economy, may well be right, gauging by the relatively good health of businesses in northern Luzon, according to economist Ramon Quesada, former director of the UA&P School of Economics.

Economy moves

Antonio said it was during Ms Arroyo’s watch that the Philippine economy “definitely moved on” after the crisis of the martial law years.

According to Antonio, Ms Arroyo should be credited for the Philippines’ improved income and spending balance and manageable inflation rate.

This was a turnaround for the country after it was “brought to great heights and then great depths” by the “lawyer,” the late dictator Ferdinand Marcos, in the 1970s, Antonio said.

The “housewife,” President Corazon Aquino, tried to restore the economy but did not succeed, Antonio said.
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