MANILA, Philippines - Economic managers of the Aquino administration admitted yesterday that former president and now Pampanga Rep. Gloria Macapagal-Arroyo did well in managing the economy during her incumbency.
The favorable remarks were made during the first hearing on the proposed P1.64 trillion national budget for 2011 at the House of Representatives where the members of the Development Budget Coordinating Council (DBCC) led by Finance Secretary Cesar Purisima and Bangko Sentral ng Pilipinas Gov. Amando Tetangco Jr. were invited as resource persons by the House committee on appropriations.
House minority leader and Albay Rep. Edcel Lagman said the economic managers during the hearing cited the country’s strong economic fundamentals as evidenced by the 7.9 percent growth in the country’s economy in the first half of the year.
Mrs. Arroyo was present during the budget deliberations.
“There is no lackluster economic performance as they (Aquino administration) have been alleging. Now they are changing their statements. The figures, data and statistics could not be denied,” Lagman said, referring to the various presentations made by Purisima and Tetangco and other economic managers before the panel.
“In other words, the previous administration did not bungle the economy,” he said, adding “we have good economic fundamentals as left by the previous administration and, hopefully this will not be reversed by the present administration.”
Deputy Minority Leader and Quezon Rep. Danilo Suarez said the figures presented by Mr. Aquino’s economic managers showed they inherited a sound economy.
“How PGMA managed the government and the economy, Filipinos will give a positive yes but in terms of popularity, she is not popular,” Suarez told reporters.