Famous Filipino Economist By: Aris Caliso & Neil Ednalan

Page 1

Gloria Macapagal Arroyo  Arroyo, a practicing economist, has made the economy the focus of her presidency. Based on official (National Economic and Development Authority) figures, economic growth in terms of gross domestic product has averaged 5.0% during the Arroyo presidency from 2001 up to the first quarter of 2008.[34] This is higher than in the administration of the previous recent presidents: 3.8% average of Aquino, 3.7% average of Ramos, and 3.7%[35] average of the Joseph Estrada administration. The Philippine economy grew at its fastest pace in three decades in 2007, with real GDP growth exceeding 7%.[36] Arroyo's handling of the economy has earned praise from former "friend" and classmate in Georgetown, ex-US President Bill Clinton, who cited her "tough decisions" that put the Philippine economy back in shape.[37]National Economic and Development Authority gross domestic product[34]AquinoRamos[35]Joseph Estrada[36]Bill Clinton[37]  Whether the official economic figures are accurate, or how they translate to improving lives of the citizens, however, is debatable. Studies made by the United Nations (UN) and local survey research firms show worsening, instead of improving, poverty levels. A comparative 2008 UN report shows that the Philippines lags behind its Asian neighbors, Indonesia, Thailand, Vietnam and China, in terms of poverty amelioration. The study reveals that from 2003 up to 2006, the number of poor Filipinos increased by 3.8 million, with poverty incidence being approximately three times higher in agricultural communities.[38] With regards the problem of hunger, quarterly studies by the social polling research firm Social Weather Stations show that the number of Filipino households suffering from hunger has significantly increased during Arroyo's presidency. Her administration first set the record for hunger levels in March 2001, and beginning June 2004, broke the record again seven times. December 2008 figures saw the new record high of 23.7%, or approximately 4.3 million households, of Filipino families experiencing involuntary hunger.[39]United NationsUNpovertyUNIndonesiaThailandVietnamChinapoverty [38]hungerSocial Weather Stationshunger [39]

Gloria Macapagal Arroyo  A controversial expanded value added tax (e-VAT) law, considered the centerpiece of the Arroyo administration's economic reform agenda,[40] was implemented in November 2005, aiming to complement revenue-raising efforts that could plug the country's large budget deficit. The country aims to balance the national budget by The tax measure boosted confidence in the government's fiscal capacity and helped to strengthen the Philippine peso, making it East Asia's best performing currency in [41] The peso strengthened by nearly 20% in 2007, making it by far Asia's best performing currency for the year, a fact attributed to a combination of increased remittances from overseas Filipino workers and a strong domestic economy.[42]value added tax[40]Philippine peso[41]overseas Filipino workers[42]  Annual inflation reached the 17-year high of 12.5 percent in August 2008, up from a record low of 2.8 percent registered in It eased to 8.8 percent in December 2008 as fuel and energy prices went down.[43]inflation[43]  The managing director of the World Bank, Juan Jose Daboub, criticized the administration for not doing enough to curb corruption.[44][45][44][45]  Early in her presidency, Arroyo implemented a controversial policy of holiday economics, adjusting holidays to form longer weekends with the purpose of boosting domestic tourism and allowing Filipinos more time with their families.[46][46]  Slide 2 Slide 2

Page 1

Diosdado Macapagal  In his inaugural address, Macapagal promised a socio-economic program anchored on "a return to free and private enterprise", placing economic development in the hands of private entrepreneurs with minimal government interference.[4][4]  Twenty days after the inauguration, exchange controls were lifted and the Philippine peso was allowed to float on the free currency exchange market. The currency controls were initially adopted by the administration of Elpidio Quirino as a temporary measure, but continued to be adopted by succeeding administrations. The peso devalued from P2.64 to the US dollar, and stabilized at P3.80 to the dollar, supported by a $300 million stabilization fund from the International Monetary Fund.[4]Philippine pesoElpidio QuirinoInternational Monetary Fund[4]  To achieve the national goal of economic and social progress with prosperity reaching down to the masses, there existed a choice of methods. First, there was the choice between the democratic and dictatorial systems, the latter prevailing in Communist countries. On this, the choice was easy as Filipinos had long been committed to the democratic method.[10] With the democratic mechanism, however, the next choice was between free enterprise and the controls system. Macapagal stated the essence of free enterprise in layman parlance in declaring before Congress on January 22, 1962 that "the task of economic development belongs principally to private enterprise and not to the government.[10]economicsocial[10]

Diosdado Macapagal  Before independence there was free enterprise in the Philippines under Presidents Manuel Quezon, Sergio Osmeña and Manuel Roxas. In 1950 President Elpidio Quirino deviated from free enterprise launching as a temporary emergency measure the system of exchange and import controls. The controls system was carried on by President Magsaysay and Garcia.[10]Manuel QuezonSergio OsmeñaManuel RoxasElpidio Quirino[10]  The first fundamental decision Macapagal had to make was whether to continue the system of exchange controls of Quirino, Magsaysay and Garcia or to return to the free enterprise of Quezon, Osmena and Roxas.[10] It had been his view since he was a Congressman for eight years that the suitable economic system for Filipinos was free enterprise. So on January 21, 1962 after working for 20 straight hours he signed a Central Bank decree abolishing exchange controls and returning the country to free enterprise.[10][10]  During the 20 days available to make a decision on choice between controls and free enterprise, between his inauguration as President and before the opening of Congress, Macapagal's main adviser was Governor Andres Castillo of the Central Bank.toCongressCentral Bank  Further reform efforts by Macapagal were blocked by the Nacionalistas, who dominated the House of Representatives and the Senate at that time. Nonetheless, Macapagal was able to achieve steady economic progress, and annual GDP growth averaged at 5.15% for [4]reform[4]

Page 1

Solita Monsod  Monsod is best remembered for her role as Socio-economic Planning Secretary during the term of President Corazon Aquino and as a co-host in the GMA Network show Debate with Mare and Pare with former Pangasinan Governor and Vice Presidential candidate Oscar Orbos. Monsod is a respected economist and political commentator in the Philippines. In 2005, Monsod became an outspoken critic of Arroyo upon massive allegations of election cheating, graft and corruption. Read more: ons#ixzz1EkFTLHiZ ons#ixzz1EkFTLHiZ

Page 1

Joey Salceda  Voted by foreign fund managers in Asiamoney's Annual Survey as "Best Analyst" in 1995 and "Best Economist" for four consecutive years from 1993 to 1996, Salceda brought to Congress a wealth of experience from the financial markets and the field of economics. During his term of office, he was able to enact three important measures. He was the principal sponsor and co-author, respectively, of Republic Act No or the Countervailing Duty Act, Republic Act No or the Anti-Dumping Duty Act, and Republic Act No or the Safeguard Measures Act. These measures are critical in allowing the country realize the full benefits of its membership in the World Trade Organization (WTO) and at the same time protect domestic farmers. On January 18, 2008, Albay Governor Joey Salceda and the Department of Science and Technology (DOST) Estrella Alabastro relaunched one of the country's 4 P 18- million upper-air receiving equipment in Albay. The other upper-air receiving stations are in Laoag, Cebu, and Tanay, Rizal Read more: z1EkFyEulj z1EkFyEulj